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Tron price has eased slightly in the past five consecutive weeks as the enthusiasm about Justin Sun’s meme coin project eased. TRX has retreated to $0.1495, down from the year-to-date high of $0.1690. 

Tron price surged to a record high in August after Justin Sun unveiled SunPump, a platform to rival the popular Pump.fun. 

SunPump and Pump.fun are platforms that let people create and launch meme coins within a few minutes.

Since then, SunPump has seen users launch thousands of these tokens. Recently, however, there are signs that most of these tokens are seeing weak demand, which explains why they have retreated sharply. 

For example, Tron Bull token has dropped by over 10% in the past seven days, giving it a market cap of over $89 million. 

Muncat has plunged by 40% while Invest Zone, SunWukong, and Suncat have also dropped by over 50% in the same period. 

Sundog, the biggest meme coin in the Sunpump ecosystem, has done better after falling by just 1% in the last seven days. Tron Bull Coin (TBULL) and Cyber Dog (CDOG) have also outperformed the market, rising by 50% and 37%, respectively. 

Altogether, these meme coins have achieved a market cap of over $492 million, which is much lower than Pump.fun’s $792 million. The biggest tokens in the Pump.fun ecosystem are Mother Iggy, Michi, Fwog, Billy, and Daddy Tate. 

Data by DeFi Llama shows that the SunPump ecosystem has accumulated over $26.8 million fees since its launch.

Still, a comeback of some of these Tron meme coins cannot be ruled out, especially if the Federal Reserve continues cutting interest rates.

Additional data shows that Tron’s total value locked (TVL) have continued falling in the past few weeks. Tron has 34 DeFi applications, which has not grown in a long time. 

These dApps have over $7.85 billion in total assets, making it the second-biggest chain in the industry after Ethereum.

JustLend is the biggest player in Tron’s ecosystem with over $5.59 billion in assets. It is followed by JustStables and Sun.io. Combined, the three networks, together with stUSDT account for over 98% of all assets in Tron’s ecosystem. 

The other notable data is that the volume of transactions handled by Sun.io has crashed because of the ongoing Sunpump meme coin retreat. Data shows that this volume has dropped by 28% in the last seven days to $331 million. In contrast, the volume in Solana has jumped by 32% while in BNB Chain, Base, Arbitrum, and Sui has soared by over 30%. 

Tron has constantly shined in payments, where it has a leading market share. Data shows that the network has almost $60 billion in stablecoins, especially Tether,  in the ecosystem. 

Most people have now turned to Tether for crossborder payments. And most of them opt for Tether in Tron because of its substantially low transaction costs. This means that if you send someone 1,000 USDT on Tron, they will receive almost the exact amount. 

Data on Tronscan shows that USDT on Tron has over 52 million holders who have made over 2 billion transactions. Its daily trading volume on Wednesday stood at over $50 billion, making it one of the most popular networks in the industry.

These transactions have made Tron a highly profitable network. Data shows that the network has made over $1.65 billion in the last 365 days, making it the second-best-performing network after Ethereum, which made $2.56 billion in the same period.

Tron is also one of the most held coins in the industry. It has over 2.8 million holders, with the top ten of them holding about 40% of all of them. As shown below, the number of transactions in Tron has been growing in the last 12 months.

The weekly chart shows that the TRX token has been bullish after bottoming at $0.046 in 2022. It rose by over 273% from its lowest point to its highest level last month.

Most recently, Tron managed to flip the important resistance point at $0.1455 into a support. By moving above that level, the token invalidated a double-top pattern that was forming. In most periods, a double-top pattern results into a bearish breakout. 

The ongoing Tron retreat is part of the break and retest pattern, which is often a continuation sign. 

TRX has remained above the 50-week Exponential Moving Average (EMA). Therefore, Tron’s outlook is still bullish since it has done the retest pattern. If this happens, the next point to watch will be at $0.1690, its highest point this year and 13% above the current level. A break above that point will point to more upside.

The post Tron price prediction amid SunPump ecosystem weakness appeared first on Invezz

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