Sign Up on MEXCJustin Sun’s Tron Bolsters Energy Cap Amid SunPump Frenzy, TRX Price Shoots 5%
Highlights
- The TRON community successfully raised the network's energy cap to 120 billion.
- This development is expected to boost transactions for TRX stakers, lower gas fees, and enhance overall network activity.
- TRX has seen a 22% price rally over the past week, reclaiming the 10th spot.
Following the meme coin frenzy on SunPump platform, the development team plans to boost Tron network’s energy limit in order to declutter the congestion and bring transaction fees under control. As a result, the community has successfully managed to raise the energy cap to 120 billion, announced founder Justin Sun. This has also fueled a rally in TRX price.
Justin Sun Announces TRON Raising Energy Cap
Earlier today, founder Justin Sun announced that proposal 92 is officially into effect within the Tron community, thereby boosting the energy cap to 120 billion. This development will help to boost transactions for TRX stakers, lower the gas fee, and enhance overall network activity. Sun also praised the community for its efficient execution of the proposal.
Proposal No. 92 of the TRON community is now in effect, raising the energy cap to 120 billion. This means more transactions for TRX stakers, lower Gas Fees, and increased network activity. I’m impressed by the TRON community’s execution. https://t.co/RbwJvQ75Ds
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 25, 2024
The massive spurt in the traffic on the Tron Network last week came on the backdrop of the SunPump frenzy. Justin Sun is also supporting the meme crypto mania with analysts predicting that Tron’s meme coin season could be even greater than what we witnessed on Solana earlier this year.
As a result, the network is already making a few preparations in this direction in order to cater to the huge traffic boost that could come along.
TRX Price Rally Amid Meme Token Frenzy
After a minor pullback over the weekend, the TRX price has surged by 22% over the past week and is currently trading around $0.1653 with a market cap of $14.3 by unseating Cardano’s ADA again for the tenth spot. This price rally comes amid the surge in the token burns amid the frenzy indicating the growing demand and reducing supply. Sun predicted a further surge in the meme projects launching within the Tron ecosystem.
Review the current market cap and number of Tron meme coin projects:
1 billion > X > 100 million: 1
100 million > X > 10 million: 6
10 million > X > 1 million: 21What do you think the situation will be like next week?
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 24, 2024
As per the Coingeckco data, SUNDOG is currently the largest meme project within the Tron meme ecosystem. As of press time, SUNDOG is trading at 12.46% up at $0.2494 with a market cap of $249 million. Over the past week, the SUNDOG Price is up by a staggering 214%. As of press time, other meme projects launched on SunPump have also gained between 20-60%.
TRX price analysis by CoinGape predicted an important breakout above the 2021 high, and now proceeding toward its all-time high levels of $0.20. Popular market analyst Miles Deutscher said that there’s still potential upside left for TRX which could push it into a price discovery zone.
2. Play $TRX.
TRX has one of the cleanest uptrends in crypto, and is one i'm actively holding/trading.
It has recently made yearly highs.
If it can break ATH and reach price discovery, there could be much more upside (it's already close in terms of breaching its mkt cap ATH). pic.twitter.com/Zf31egXhFV
— Miles Deutscher (@milesdeutscher) August 22, 2024
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