TRON, led by founder Justin Sun, has successfully raised its network’s energy cap to 120 billion, a strategic move aimed at addressing congestion and reducing transaction fees. This upgrade comes in response to a surge in activity driven by the recent meme coin frenzy on the SunPump platform.
Energy Cap Boost: A Strategic Move
The network upgrade, officially enacted through Proposal No. 92, is expected to improve transaction throughput for TRX stakers, lower gas fees, and enhance overall network efficiency. Justin Sun highlighted the successful implementation of this proposal and lauded the TRON community for its role in advancing the network’s capabilities.
The increase in network capacity comes as TRON experiences a significant boost in traffic and activity, largely due to the meme coin frenzy. Analysts are optimistic that the current meme coin season on TRON could surpass the earlier frenzy seen on Solana, potentially driving even greater network usage and transaction volume.
TRX Price Rally
The TRX price has shown notable resilience and growth, rallying by 22% over the past week. As of today, TRX is trading at approximately $0.1653, with a market cap of $14.3 billion, reclaiming the 10th spot in the cryptocurrency rankings. This price increase is attributed to the heightened activity and demand driven by the meme coin hype.
The TRX price is approaching its all-time high of $0.20, bolstered by the increased burn rate of TRON tokens amid the meme coin mania. Market analysts, including Miles Deutscher, suggest that there may be further upside potential for TRX, possibly leading to a price discovery phase as it competes with Cardano (ADA) for the 10th position.
Meme Coin Impact
The meme coin frenzy has had a substantial impact on the TRON ecosystem. The SUNDOG meme coin, currently the largest in TRON’s meme ecosystem, has surged by 214% over the past week, trading at $0.2494 with a market cap of $249 million. Other meme projects launched on the SunPump platform have also experienced significant gains, with price increases ranging from 20% to 60%.
Conclusion
TRON’s strategic move to raise the network’s energy cap aligns with its goal of managing increased traffic and transaction volume amid the meme coin boom. With TRX approaching its historical highs and continued growth in meme coin projects, TRON is positioning itself for a potential surge in network activity and market presence.
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