26 August 2024
Leading crypto analyst Miles Deutscher, boasting a substantial following of over 500,000 on X, spotlights the Tron ecosystem as the next significant opportunity for crypto investors. In his latest video analysis, Deutscher delves into the detailed metrics and developmental strides within Tron, highlighting the best altcoins to invest in.
Crypto’s New Shiny Thing
Deutscher’s video opens with an extensive review of the Tron blockchain, a platform that has recently outpaced many of its competitors in terms of Total Value Locked (TVL) and transaction volume. “Tron has now become the second-largest blockchain in terms of TVL, overtaking stalwarts like Solana and Base, and is second only to Ethereum,” he explains, pointing to an impressive $8 billion in TVL that underscores Tron’s robust market adoption.
Tron’s high throughput and stable network performance have made it a preferred choice for stablecoin transactions, which have seen more than $60 billion transferred through the Tron network since 2021. The platform’s efficiency is highlighted by Deutscher with its capacity to handle transactions faster and more reliably than competitors, even during peak congestion periods that have affected other blockchains like Solana.
Over the last quarter, Tron has generated over $440 million in transaction fees, marking it as one of the highest revenue-generating blockchains in the market. This metric not only reflects the high volume of activity on the chain but also its growing importance as a financial backbone in the digital asset space.
A significant portion of Tron’s recent success can be attributed to the launch of SunPump, a platform that facilitates the creation and trading of memecoins. “This development has initiated a memecoin revolution within Tron’s ecosystem, contributing to a dramatic increase in both the chain’s mindshare and liquidity,” Deutscher notes. This has been instrumental in drawing new speculators and investors into the ecosystem, fostering a vibrant market for these digital assets.
Deutscher elaborates on the psychological and market dynamics at play, explaining how meme coins create a ‘flywheel effect’—whereby increased activity and visibility attract more participants, thereby boosting the overall ecosystem’s growth and valuation. “Crypto is an attention economy and Tron is becoming a major player in this arena,” he states, suggesting a self-reinforcing cycle of growth driven by increased visibility and speculative interest.
Best Altcoins To Buy Now
Delving into specific investment opportunities, Deutscher identifies three segments within the Tron segments that present significant upside potential: memecoins, the native token TRX and SUN. Among the memecoin, Deutscher is focusing on Sundog, FoFar (FOFAR), and Suncat (SUNCAT). He describes these as the leading meme coins that not only represent the most dynamic elements of the Tron market but also offer substantial risk-adjusted returns.
“But my primary focus is on the leaders and specifically Sundog because it is the major leader now. If you want to look at a comparison to other chains you can see Ethereum has DOGE which hit $90 bill, as well as Pepe which hit $7 bill. Solana has WIF which hit $5 Bill. BRETT hit $2bill which is the leading meme coin on Base right now. Sundog is actually sitting at around $190 million which at least compared to the all-time highs of the leaders on other chains is still comparatively cheap and in my opinion if the Tron ecosystem continues to gain traction if Justin Sun continues to push the ecosystem,” Deutscher explains.
For those seeking more conservative investment avenues, Deutscher recommends the Tron token (TRX) itself. With the token currently on a strong upward trajectory within its price channel, he anticipates a breakout moment should it surpass its previous high of 18 cents, with potential rapid price expansion to over 30 cents.
Beyond meme coins and the native token, Deutscher points to Sun (SUN) as a critical utility token within the Tron ecosystem. SUN benefits directly from the activities on SunPump, with transaction fees being used to buy back and burn SUN tokens, thereby decreasing supply and potentially increasing value.
“100% of SunPump’s Revenue that goes to buy back and burn of SUN which has got me interested. So you don’t have to gamble on which memecoin will win on Tron. SUN will win regardless. So this is a very interesting point. If you pick the wrong memecoins even if the ecosystem explodes your bags can go to zero but something like SUN is acre value from the entire memecoin run irrespective of what mem coins perform well,” Deutscher concludes.
At press time, TRX traded at $0.1660.