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Justin Sun’s Tron Raises Energy Cap Amid Meme Coin Mania, TRX Price Jumps 5%
Following the meme coin frenzy on Tron’s SunPump platform last week, the development team undertook the work of boosting Tron Netowrk’s energy limit in order to declutter the congestion and bring transaction fees under control. As a result, the TRON community has successfully managed to raise the energy cap to 120 billion, announced founder Justin Sun.
Justin Sun Announces TRON Raising Energy Cap
Earlier today, Tron founder Justin Sun announced that Proposal No. 92 is officially into effect within the Tron community thereby boosting the energy cap to 120 billion. This development will help to boost transactions for TRX stakers, lower the gas fee, and enhance overall network activity. Sun also praised the TRON community for its efficient execution of the proposal.
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
The massive spurt in the traffic on the Tron Network last week came on the backdrop of the SunPump frenzy. Justin Sun is also supporting the meme mania with analysts predicting that Tron’s Meme coin season could be even greater than what we witnessed on Solana earlier this year in Q1 2021.
As a result, Tron is already making a few preparations in this direction in order to cater to the huge traffic boost that could come along.
TRX Price Rally Amid Meme Coin Frenzy
After a minor pullback over the weekend, the TRX price has surged by 22% over the past week and is currently trading around $0.1653 with a market cap of $14.3 by unseating Cardano’s ADA again for the tenth spot. This TRX price rally comes amid the surge in the TRON burns amid the meme coin frenzy indicating the growing demand and reducing supply. Justin Sun is predicting a further surge in the meme projects launching within the Tron ecosystem
Review the current market cap and number of Tron meme coin projects:
1 billion > X > 100 million: 1
100 million > X > 10 million: 6
10 million > X > 1 million: 21What do you think the situation will be like next week?
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 24, 2024
As per the Coingeckco data, SUNDOG is currently the largest meme coin project within the Tron meme ecosystem. As of press time, SUNDOG is trading at 12.46% up at $0.2494 with a market cap of $249 million. Over the past week, the SUNDOG Price is up by a staggering 214%. As of press time, other meme projects launched on SunPump have also gained between 20-60%.
The TRX price has given an important breakout above the 2021 high, and now proceeding toward its all-time high levels of $0.20. Popular market analyst Miles Deutscher said that there’s still potential upside left for TRX which could push it into a price discovery zone. Currently, it’s a strong battle of Tron vs Cardano for the 10th spot.
2. Play $TRX.
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). pic.twitter.com/Zf31egXhFV
— Miles Deutscher (@milesdeutscher) August 22, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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