As a seasoned crypto investor with a decade of experience under my belt, witnessing the meteoric rise of TRON has been nothing short of exhilarating. From humble beginnings managing mere millions in USDT transfers to processing an unprecedented $587.2 billion in November 2024, it’s safe to say that Justin Sun’s network has come a long way.
In November 2024, the TRON blockchain handled an astounding amount of transactions – a staggering $587.2 billion worth of USDT transfers.
Reaching this new peak indicates a substantial increase, compared to the values of approximately $424.4 billion in September and around $489.3 billion in October.
TRON’s Stablecoin Boom
The graph, analyzed by Maartunn from CryptoQuant, is significant because back in July 2019, the network transferred approximately $73.8 million in USDT. Since then, its value has grown significantly, reaching $287.1 billion in May 2021, $315.5 billion a year later, and an impressive $462.6 billion by March 2024.
Initially, there was a slight decrease in figures during May and June. However, starting from September, the numbers have been skyrocketing, leading to a new all-time high in November.
According to CryptoQuant’s findings, the count of USDT recipients on TRON hit a peak in October at around 10.6 million. Interestingly, while this figure was higher than any other month, it should be noted that there were 10.18 million senders back in May that surpassed this number.
Some analysts believe that the surge in transactions involving stablecoins on this network can be linked to their primary benefits such as affordable transaction costs, swift processing speeds, and economical international money transfers.
1) The extraordinary expansion has also boosted TRON’s own token, TRX. Data from CoinGecko indicates that it has soared by over 160% in the past year, which could suggest an increasing role for TRON within the cryptocurrency market.
Currently, TRX is being exchanged for approximately $0.2912, representing a 3.3% increase over the last day. Within this timeframe, its price fluctuated between $0.2772 and $0.304. Notably, TRX has surpassed other cryptocurrencies in the past week, rising by 10.7%, compared to the sector’s 9.1% growth over the same period.
Compared to other cryptocurrencies based on smart contracts, this performance has significantly outperformed, registering a growth of approximately 8.80% over the past week.
Ethereum’s Growing Competition
In comparison to Justin Sun’s network, Ethereum has made significant strides in terms of USDT transfer volume. Notably, a staggering $20 billion of Tether’s stablecoin has been minted on Ethereum, surpassing TRON as the primary platform for USDT supply.
Additionally, it is projected that Ethereum will see its holdings of the most capped stablecoin increase to a value of one trillion dollars by the year 2025, thereby strengthening its reputation as a reliable platform for institutional-level operations within the blockchain sector.
In other news, Circle and Binance have teamed up for a strategic alliance aimed at boosting the worldwide usage of USDC, a major competitor to USDT. Under this collaboration, Binance will provide its approximately 240 million users access to the dollar-linked cryptocurrency and integrate it as a crucial aspect of their corporate holdings.
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2024-12-17 23:23