Tron (TRX) Could Become the Next Big Thing As Transaction Activity Shines

Toncoin has been a big winner of 2024 on the back of Telegram GameFi taking the Web3 world by storm. Over the past 12 months TON has soared 371%.

2024 has been a relatively muted year for altcoins thus far. The market has seen brief periods of exuberance and anticipation of an altcoin season, only for hopes to be quickly dashed due to varying factors.

Throughout the past eight months, the market has largely been focused on Bitcoin’s price action and its implications for the broader crypto market. However, this sustained attention on BTC has also presented opportunities for certain altcoins to quietly accumulate strength.

Some altcoins have shown signs of breaking out despite the sideways market, and Australian analyst Miles Deutscher has highlighted one in particular that may soon become a hot topic of discussion.

Tron Could Become the Next Big Thing As Transaction Activity Shines

Toncoin has been a major winner in 2024, thanks in part to the massive success of Telegram GameFi. Over the past 12 months, TON has surged by 371%. Another popular altcoin, SOL, has also had a strong year, cementing itself in the top five currencies by market capitalization with gains of 600%.

According to Deutscher, these “rotations” may be slowing down now that the best-performing 2024 altcoins have already had their moment in the sun.

But what about Tron?

Since the beginning of the year, TRX has rallied by 60%, largely due to the rapid growth of the ecosystem and the high levels of transaction activity on the network.

3. On-chain volume is surging.TRON has hit 100m+ in volume consecutively over the past 2 days, marking a 7x increase in volume since the start of the year. pic.twitter.com/tvvG4MPzzt

However, Deutscher believes that these gains may only be the beginning for Tron.

Tron’s Push Into the Top Ten Leaves Many Bullish – But Not Everybody Agrees

Tron’s remarkable journey from an obscure blockchain to a prime mover in DeFi has been explosive, and it is largely responsible for TRX’s price appreciation.

The ecosystem has become a hub for stablecoin transactions, thanks to its new memecoin trading platform and blazing-fast settlement times.

Over the last few years, TRON has gained significant traction as a payments network, containing the largest global circulating supply of stablecoins ($60b). pic.twitter.com/OTLpgxYfrW

As a result, Tron’s total value locked (TVL) has skyrocketed, making it a key indicator of ecosystem health. Tron is now the network with the second-highest TVL, trailing only Solana.

It's also the 2nd largest blockchain for TVL, ahead of Solana (this is an significant point which I will expand on later in this thread). pic.twitter.com/fwLnXczOi8

Deutscher’s analysis was met with largely positive reactions, but he did not escape criticism. One Twitter user pointed out a post by the analyst two weeks ago, in which he suggested that Solana was poised for 5-10x gains during the next altcoin cycle.

How are you a real person?Do you feel no shame?https://t.co/zWp4uwNyzX

The Australian analyst, however, was quick to clap back, asserting that two ecosystems could flourish simultaneously (as we often observe during altcoin runs).

Honestly a stupid tweet.Can't you be bullish on 2 ecosystems? Can't $SOL go to $1,000 WHILST other chains also succeed?Isn't the point of trading crypto to be a profit maxi?I've been buying and holding $SOL since $10.AND making money in dozens of other ecosystems along…

People flock to Crypto Twitter to get advice and participate in the community – but they stay for the drama.