Tron (TRX), the cryptocurrency network founded by Justin Sun, has been making waves in the crypto market with its recent comeback. TRX has managed to secure a spot in the top ten cryptocurrencies, surpassing coins like Cardano (ADA) to become the ninth largest cryptocurrency with a market cap of $13.36 billion.
One of the key factors contributing to Tron’s resurgence is its network activity, which has seen a significant surge in recent months. According to a post by Sun on X, the Tron Network has outperformed popular blockchains like Bitcoin and Ethereum in terms of quarterly profitability. In the third quarter alone, Tron recorded a staggering $577 million in revenue, with 74% of the amount coming from staking and 26% from burning.
The impressive revenue figures for TRX in Q3 represent a 43% increase compared to the previous quarter, indicating strong growth potential for the network. Sun expressed confidence that the fourth quarter will see even more growth for Tron, further solidifying its position in the market.
Despite the positive developments in the Tron network, the price of TRX has been relatively stable, with a modest 1.43% increase over the past month. At the time of writing, TRX is trading at $0.1542 with no significant fluctuations in its price.
Looking ahead to October, analysts predict that TRX will continue to trade sideways, with an average price of $0.142 for the month. The potential price range for TRX in October is between $0.127 and $0.157, indicating a relatively stable outlook for the cryptocurrency.
However, TRX investors may be disappointed by the lack of significant price movements, especially considering that October is traditionally a bullish month for the crypto market. TRX is currently trading 48% below its all-time high of $0.3004, which was achieved several years ago. While Tron’s recent comeback has instilled hope in investors, it appears that they may have to wait longer for a substantial breakout in the price of TRX.
Overall, Tron’s recent achievements and strong revenue performance in Q3 highlight the network’s potential for growth and success in the competitive cryptocurrency market. Investors will be closely watching TRX’s price movements in October to see if the cryptocurrency can maintain its upward trajectory.