Memecoins drive Tron Network revenue to new high over Q3: Messari
Tron Memcoin startup SunPump boosted its blockchain quarterly revenue to $151.2 million in the third quarter.
More than 89,000 tokens were launched on SunPump between Aug. 12 and Sept. 30, driving Tron's decentralized financial transactions up 487% in Q3, Messari said in an Oct. 17 report.
“SunPump activity began gathering on August 16 and continued to parabolic over the next two weeks.”
More than 270 million TRON (TRX) tokens were burned between Aug. 16 and 31, worth nearly $42 million — nearly 27% of TRON's Q3 revenue, Messari noted.
A daily record of more than 7,500 SunPump tokens was launched on August 20, and more TRX was burned on August 21 than any other day in the network's entire existence, the blockchain analytics firm added.
Tokens are launched on SunPump from August 12th to September 30th. Source: Messari
However, the number of new tokens launched on SunPump dropped significantly in September, consistently below 1,000 per day.
SunDog (SunDOG) is the largest memecoin with a market value of $217 million from SunPump, while Tron Bull (TBULL) and Invest Zone (IVFUN) also showed high trading volume.
TRX's transaction market value also increased for the seventh straight quarter by 24% to $13.5 billion at the end of the third quarter.
Near the peak of the SunPump frenzy, it reached $14.5 billion, CoinGecko data shows.
TRX remained negative in Q3 with a net burn of 587.6 million tokens.
Tron's average daily transaction count increased 14.4% to 7.2 million in the quarter, while average daily active addresses rose 6% to 2.1 million.
Related: Tron's Bitcoin Layer-2 Plan Could See ‘Bundled' USDT to Bitcoin Flow
The total value locked in Tron's decentralized financial protocols was $8.1 billion at the end of Q3, but has since declined to $6.98 billion, DeFillama data shows.
Key financial metrics for TRON in Q3. Source: Masari
Tron's TVL is now down 32.8% from its high of $10.4 billion on March 12, 2024.
Tether's (USDT) stablecoin market cap on Tron increased 3 percent quarter-over-quarter to nearly $59 billion in Q3 and still accounts for about half of USDT's market cap across several chains that support Tether.
TRX traded at $0.16 in the last 24 hours.
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