- TRON fees revenue hit its highest level ever in 2024, signaling a hike in adoption
- Market fundamentals pointed to a potential trend reversal for TRX
Since hitting a recent high of $4.5 three weeks ago, Tron [TRX] has seen some strong downward pressure on the charts. In fact, the altcoin has failed to recover fully since hitting a low of $0.22. At the time of writing, the crypto seemed to be trading within a consolidation range between $0.22 and $0.26.
Despite TRX’s failure to maintain the uptrend on its price charts though, its network adoption and usage have surged throughout the year.
TRON reached its highest-ever fee revenues
According to Cryptoquant, TRON reached its highest levels ever for fees revenue. In October 2024, TRON blockchain recorded its highest ever fee revenue amount, surpassing $200 million.
This hike continued in November, with figures for total fee revenue exceeding $180 million.
Source: Cryptoquant
In comparison, TRON blockchain recorded figures of $32.6 million in November 2022 and $102.3 million in November 2023.
This represented a 7x hike from 2022 and an almost 2x uptick from 2023. Therefore, the currently observed surge in fees is a clear sign of TRON’s increasing activity, while the ecosystem continues to expand considerably. This growth in its ecosystem and network usage is well-positioned to benefit its native token TRX.
Impact on TRX?
While TRON has seen a significant uptick in its network usage, TRX has faced considerable challenges too. Owing to the same, it has failed to keep up the pace.
Worth noting, however, that the altcoin’s recent price action and on-chain metrics pointed towards a potential trend reversal to the upside and subsequent price recovery.
