1 November 2024
The TRON network has been making a notable impact across altcoin ecosystems, regaining its position as the leading blockchain for transaction volume among major altcoin chains.
According to a CryptoQuant analyst known as ‘Maartuun,’ TRON has shown substantial transaction dominance recently, handling roughly 43% of transactions across major altcoin blockchains as of October 30.
This recent spike has pushed TRON to the top position for transaction processing in October, surpassing other major altcoin networks and highlighting its relevance in the current crypto market.
Deciphering TRON’s Transaction Dominance
Data shared by maartuun reveals that in October alone, TRON processed approximately 230 million transactions, marking a significant activity surge. On October 24, the network peaked, handling 10.46 million transactions, around 25% higher than its 30-day average.
This activity level reflects TRON’s increased usage, aligning with its performance in 2024, when it frequently led in transaction volume. However, between late August and early October, TRON’s transaction dominance slightly waned, with other networks experiencing temporary spikes in activity.
TRON’s return to the forefront suggests the asset is reclaiming its crown and maintaining its status as a “highly utilized” blockchain network for altcoin transactions.
The CryptoQuant analyst’s observations suggest that TRON’s current dominance in transaction volume is likely to persist. This trend is supported by historical data, showing that TRON has maintained strong transaction levels over extended periods.
It is worth noting that the network’s current transaction share indicates a broader shift within the blockchain industry toward networks that offer scalability and low fees, essential factors for sustaining high transaction rates.
TRON’s ability to handle many transactions daily sets it apart from many other altcoin platforms, adding to its appeal and supporting its adoption within various blockchain-based applications and projects.
TRON Market Performance
While TRON’s on-chain fundamentals appear to be doing well, the network’s native token (TRX) market price performance can also be said to have seen positive movements in recent weeks.
Particularly following the ubiquitous price increase in the crypto market led by Bitcoin, TRX has followed the overall bullish trend, increasing by 5.6% in the past fortnight and 3.1% in the past week.
However, the asset’s price performance in the past day isn’t all that positive. Over this period, TRX has faced a slight correction, falling from its 24-hour high of $0.1705 to a price of $0.1684 at the time of writing.
While TRX’s price has seen an uptick, its daily trading volume seems to be recording an opposite trend. In the past few days, this metric has decreased from over $600 million seen last weekend to below $500 million.
Featured image created with DALL-E, Chart from TradingView