By
Chimamanda U. Martha
July 4th, 2024
The uptick in the price of TRX can be attributed to positive developments in the Tron ecosystem. The blockchain recorded a key milestone in May, surpassing 231 million total accounts.
Tron Founder Justin Sun recently shared major updates for the blockchain, with hints on the possible introduction of a meme coin. This update comes amid the recent memecoin supercycle, which has fueled price increases for major memecoins.
Are Memes Next for Tron
Taking to the X platform, Sun says his future goals are to establish stablecoin payments, build a robust team, and focus on meme coins on TRON. He concluded the post by asking his followers what they think about his ideas.
My focus for the future work: establishing stablecoin payments, building a more outstanding team, and focusing on memes on #TRON. What do you think?
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 2, 2024
The founder got varied responses from his audience as regards developing a memecoin on Tron. Many claim now is the right time to introduce a meme coin on Tron. “Memes on Tron? Better get to it or were you planning on waiting until the next bull run?” one follower replied.
However, a few of Sun’s followers have a contrary opinion. One follower with the username DrTradeAU says memes are a waste of time.
“Push TRX to ATHs Like it did when FTX collapsed and TRX hit 0.40 cents and the community will start building on Tron more. It’s as simple as that. If you want to build focus on RWA’s and DAOS,” stated DrTradeAU.
Echoing the above sentiment, another follower advised Sun to focus on use cases and bring value and revenue to Tron. “Without big communities memes mean nothing. Don’t dump your own revenue on the market but engage in burns. You got that, chief,” the follower stated.
Another set of individuals expressed neutrality regarding Sun’s future goals. These sets think that Sun should focus on building a presence in the US and European markets while regulating operations. They claim doing this will prevent the blockchain from avoiding another crypto winter and people ending up in prison.
Tron’s native token TRX declined to 7.4% in the second week of April, reaching $0.105, according to earlier reports. At the time, market analysts attributed the decline to heightened market volatility and reduced network activity.
Positive Developments on Tron Blockchain
TRX has since seen its price surge higher, trading at $0.1281, at the time of this writing. The 24-hour trading volume increased by 16% to $247 million, while the market capitalization increased slightly by 0.02% to $11 billion.
The uptick in the price of TRX can be attributed to positive developments in the Tron ecosystem. The blockchain recorded a key milestone in May, surpassing 231 million total accounts. Also, TRON’s daily transaction count reached an impressive 5.5 million, translating into daily fees of $4.4 million.
Last month, on-chain data released by Lookonchain shows that the trading volume of Tether (USDT) stablecoin on the Tron network soared to $53.031 billion. The surge in the volume can be partly attributed to the increase in demand for stablecoin during the crypto market downturn.
Therefore, Sun’s plan to build a robust stablecoin payment system on TRON holds promise for users of the blockchain.