TRON Achieves 43% Share of Altcoin Transaction Volume in October
The TRON network has regained its status as the leading blockchain for transaction volume among major altcoin chains. As of October 30, TRON accounted for approximately 43% of transactions across these blockchains, according to CryptoQuant analyst ‘Maartuun.’ This surge in activity has positioned TRON at the forefront of transaction processing in October.
Deciphering TRON’s Transaction Dominance
Data from Maartuun indicates that TRON processed around 230 million transactions in October, with a peak of 10.46 million on October 24, exceeding its 30-day average by about 25%. This increased usage aligns with TRON's historical performance, where it frequently led in transaction volume. Despite a slight decline in dominance from late August to early October, TRON has reclaimed its position as a highly utilized blockchain for altcoin transactions.
TRON's current dominance is expected to continue, supported by historical data showing strong transaction levels over time. The network's transaction share reflects a shift towards blockchains offering scalability and low fees, crucial for maintaining high transaction rates. TRON's capacity to handle numerous daily transactions enhances its attractiveness and supports its adoption across various blockchain applications.
TRON Market Performance
TRON's on-chain fundamentals are solid, and its native token (TRX) has experienced positive market movements recently. Following Bitcoin's price increase, TRX rose by 5.6% in the past fortnight and 3.1% in the last week. However, TRX faced a slight correction, dropping from a 24-hour high of $0.1705 to $0.1684 during the writing of this report.
Despite the price uptick, TRX's daily trading volume has decreased from over $600 million last weekend to below $500 million.
Featured image created with DALL-E, Chart from TradingView