🌎 Tron Price Steady Amid Decline in SunPump Tokens and DEX Volume

Tron Price Steady as SunPump Tokens Retreat

On Saturday, September 21, the Tron (TRX) price remained stable at $0.1520, slightly above the week’s low of $0.1467, but still 11% below its highest point this year.

SunPump Tokens Decline

Recent data indicates that most SunPump meme coins have seen a decline over the past few days. Sundog, the largest coin in this ecosystem, has decreased by 11.1% over the past week, now priced at $0.30 with a market cap of $305 million. Other coins such as Tron Bull have retreated by 8%, Muncat by 35%, SunWukong by 10%, and Suncat by 37% within the same period. Overall, the total market cap of all meme coins in Tron’s ecosystem has dropped from over $560 million to $514 million.

Impact on Tron’s DEX Volume

This performance has negatively affected Tron’s Decentralized Exchange (DEX) volume, which has decreased by 10% in the last seven days to $453.6 million. In contrast, other chains like Solana, Binance Chain, and Sui have seen their DEX volumes increase by 11%, 22%, and 70%, respectively, during this period.

Positive Transaction Growth

On the brighter side, the number of transactions on Tron has surged, reaching over 8.2 million on Saturday, the highest since August 27 and significantly above this month’s low of 6.14 million.

Tron’s Profitability

Tron remains one of the most profitable networks in the cryptocurrency industry. According to recent data, its network fees this year amount to over $1.2 billion, second only to Ethereum’s $1.86 billion. SunPump tokens have generated over $44.8 million in fees since their inception.

Staking Yield Rebound

Another positive indicator is Tron’s staking yield, which has rebounded to 4.97%, up from last month’s low of 4.35%. This recovery is attributed to the increased volume of Tron burns and gas fees over the month.

Technical Analysis of Tron

From a technical perspective, Tron shows promising metrics. It has formed a double-bottom pattern at $0.1466 between August and September, just above the key support level of $0.1455, which was its highest swing in February this year. Additionally, Tron has remained above the 50-day moving average, and the Relative Strength Index (RSI) has risen above 50. This indicates potential for further price increases, with bulls targeting the year-to-date high of $0.1690.