Thomas Daniels
The price of Tron (TRX) showed resilience on Saturday, September 21, remaining stable as SunPump ecosystem tokens experienced a significant retreat. TRON rose by 0.15% to $0.1520, slightly above its recent low of $0.1467 but still 11% below its year-to-date peak.
SunPump Meme Tokens Slide
According to CoinGecko data, SunPump’s meme coins have seen notable declines in recent days. Sundog (SUNDOG), the largest token in this ecosystem, dropped 11.1% over the past week to $0.30, bringing its market capitalization to $305 million. Other tokens, including Tron Bull (-8%), Muncat (-35%), SunWukong (-10%), and Suncat (-37%), also saw steep declines during the same period. As a result, the total market cap of all meme coins within Tron’s ecosystem fell from over $560 million to $514 million.
Declining DEX Volume on Tron Network
This meme coin sell-off has impacted Tron’s decentralized exchange (DEX) volume, which dropped by 10% in the past seven days to $453.6 million. Meanwhile, rival blockchains such as Solana (SOL), Binance Chain, and Sui saw their DEX volumes rise by 11%, 22%, and 70%, respectively.
Rising Transactions, Strong Network Fundamentals
Despite the drop in meme coin prices and DEX activity, Tron has shown strength in other areas. Data from Nansen reveals that transaction volume on the Tron network surged to over 8.2 million on Saturday, its highest level since August 27, significantly surpassing the month’s low of 6.14 million transactions. Additionally, Tron remains one of the most profitable blockchain networks, with network fees totaling over $1.2 billion this year, second only to Ethereum’s $1.86 billion.
SunPump tokens have generated over $44.8 million in fees since their inception, contributing to the network’s strong performance.
Another positive development for Tron is the rebound in its staking yield, which rose to 4.97% from last month’s low of 4.35%, thanks to increased gas fees and token burns during the period.
Tron’s Technical Indicators Signal Bullish Outlook
From a technical perspective, Tron appears to be in a favorable position. The cryptocurrency formed a double-bottom pattern at $0.1466 between August and September, just above key support at $0.1455, its highest swing in February this year. Tron also continues to hold above its 50-day moving average, with its Relative Strength Index (RSI) climbing above 50, suggesting further price appreciation may be on the horizon. Bullish traders are likely targeting the year-to-date high of $0.1690.
