During the previous year, significant progress and advancement have been witnessed within the Tron [TRX] network.
Among these advancements, SunPump emerges as one of the most notable meme coin projects in recent times.
The Growth of SunPump in Tron and Its Importance
As per analysis from CryptoQuant, SunPump on the Tron Network has established itself as the pioneer platform in the blockchain sphere dedicated specifically to the fair initiation and exchange of meme coins.
Despite being in its early phases, the Total Value Locked (TVL) of SunPump is approaching the $2 million mark.
SunPump offers creators a convenient and cost-effective avenue to unveil their meme coins in secure and user-friendly settings.
The platform distinguishes itself with its emphasis on fairness and transparency, fostering a more independent and empowered trading atmosphere.
Moreover, multiple tokens, including HTXunion, Sundoge, Tron Bull, SunCat, and InvestZone, are integrated into the SunPump platform.
These projects lead in the count of active addresses on the platform, nurturing a dynamic and involved community.
Projects like SunDog, with a market capitalization of $77.21 million, exemplify how growth within the TRON network can rapidly surge.
Implications for TRX
While the Tron network has been witnessing exceptional growth with platforms like SunPump, its in-house token TRX has been unable to match pace.
TRX has faced challenges in achieving consistent gains on its charts, with pessimistic sentiments prevailing in the market.
The altcoin continues its descent across the charts. According to CryptoCrypto’s analysis, Tron is under significant downward pressure as bearish sentiments dominate.
This downward trend is evident through a declining Relative Vigor Index (RVGI), which has fallen to -0.36 following a bearish crossover a decade ago.
This is further affirmed by the decrease in DMI’s +DI alongside the rising ADX.
Looking ahead, Tron currently lacks support from major holders. Consequently, the activity of large holders has plunged by 57.31% over the past month, indicating their diminishing confidence in the market.
This bearish sentiment among major holders is not an isolated incident, as the overall market is engulfed in negative sentiments.
Consequently, Tron’s weighted sentiment remains pessimistic over the past week, suggesting a general bearish outlook with anticipations of price drops.
To summarize, while the Tron network has made significant strides through platforms like SunPump, the native TRX token is struggling to keep up and faces a decline amidst prevailing bearish sentiments.
If this trend persists, TRX might drop to $0.20. Nonetheless, if a reversal occurs, TRX would need to reclaim $0.25 to sustain upward momentum.