- Tron implements proposal no.92 to increase its energy limit to 120 billion, boosting transactions and increasing network activity.
- Tron’s Justin Sun’s memecoin, Sundog, dominates the SunPump ecosystem with a 24-hour surge of 19% and a seven-day surge of 193%.
Tron’s (TRX) SunPump platform has experienced an incredible surge in user activity in the past few weeks, resulting in an unexpected energy shortage. Responding to this, founder Justin Sun disclosed that he had informed the Super Representatives, who also proposed an “energy limit increase” to subject the energy cost and transaction fees on the network to a significant reduction.
A few days after this disclosure, Sun announced that Proposal number 92 had been effectuated, pushing the energy cap to 120 billion. According to him, the new development would effectively address major underlying challenges by boosting transactions for stakers, lowering gas fees, and subsequently increasing network activities.
Proposal No. 92 of the TRON community is now in effect, raising the energy cap to 120 billion. This means more transactions for TRX stakers, lower Gas Fees, and increased network activity. I’m impressed by the TRON community’s execution. https://t.co/RbwJvQ75Ds— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 25, 2024
Proposal No.92 Booms Ecosystem
At press time, buying pressure for Tron’s native asset, TRX, remained high, enjoying an impressive run of 22% in the last seven days, a 20% surge in the last 30, and a 49% surge in the last 90 days. At the current price of $0.16, TRX’s 24-hour trading volume was up by 37%, with $887 million changing hands.
Similarly, Justin Sun’s memecoin Sundog is enjoying a massive ride, sealing its dominance on SunPump with a market cap of $248 million. At press time, this asset was up by 19% in the last 24 hours, 193% in the last seven days, 283% in the last 30 days, and 283% in the last 90 days, trading at $0.2494.
Capitalizing on this meme frenzy, the Tron network has recorded an all-time high daily revenue of $3.84 million, according to LookOnChain. Another interesting observation is that the SunPump platform hit $1.1 million in revenue in just 11 days after launch, generating $400,000 in revenue on August 20 with over 6000 meme coins created. As of August 19, 5,596 meme coins had been created on the platform, with $133,000 spent on the creation to make it the highest single-day revenue.
Tron (TRX) Price Analysis
In two separate posts on X, renowned crypto analyst Miles Deutscher disclosed that TRX has shown enough determination to breach its all-time high price of $0.2818 and enter a new price discovery.
I may also front-run the rotation by pre-positioning in smaller memes, but at this stage, the next winners aren’t as clear – so I’m taking it slow. I’ll keep you updated as I find more low-cap gems…TRX has one of the cleanest uptrends in crypto, and is one I’m actively holding/trading. It has recently made yearly highs. If it can break ATH and reach price discovery, there could be much more upside (it’s already close in terms of breaching its mkt cap ATH).
This position coincides with the prediction of analyst “Whales Crypto Trading,” which envisions the asset to make a 100% to 150% run up the price curve in the near term. Drawing insight from our previous report, analyst Market Prophit also tipped TRX for a bull run with multiple market indicators validating an ongoing buying pressure. In that report, we rightly predicted that a breach above the $$0.135 mark could send TRX above the $0.145 resistance level.
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