Tron’s blockchain has made remarkable progress, with its native token, TRX, soaring to a yearly high as the network achieved its second-largest monthly revenue ever.
Data from CryptoSlate shows that TRX reached $0.17 in the last 24 hours, reflecting a 55% increase year to date. This significant price gain cements TRX’s place among the top 10 digital assets, with a market capitalization of $14.5 billion.
While current market optimism, which has helped push Bitcoin’s price above the $70,000 mark, may be contributing to this rally, Tron has surpassed major assets like Ethereum, which rose just 11% over the same period.
Furthermore, TRX’s run can also be tied to the new and exciting developments within Tron’s ecosystem that have attracted renewed interest from investors.
Tron revenue spike
On November 1, Tron founder Justin Sun revealed that the network’s October revenue was $205 million, marking its second-highest monthly revenue.
This milestone follows the record $220 million generated in August when Tron introduced the SunPump memecoin deployer.
Sun attributed this revenue spike to Tron’s growing footprint in DeFi, memecoins and NFTs. He said continued growth in these areas could help keep Tron’s monthly revenue above $200 million.
Meanwhile, market observers pointed out that the primary revenue increase came from the active stablecoin market.
Data from DeFiLlama ranks Tron as the second largest blockchain for stablecoins, holding 35.2% of the market and supplying $60.73 billion worth of stablecoins. Tron’s stablecoin supply has grown by more than 20% this year, mainly thanks to Tether’s USDT, which makes up 98.3% of the network’s stablecoins.
Market observers noted that Tron’s low fees and fast transactions are attracting users in emerging markets such as Nigeria. In these markets, individuals use stablecoins to hedge against currency volatility and for greater access to USD equivalents.
Additionally, SunPump has significantly boosted network activity, generating over $5 million in transaction fees while increasing Tron’s visibility and appeal within the crypto industry.