Tron's TRX reaches new all-time high following increased on-chain activity and stablecoin volume
- TRX surged to a new all-time high of $0.43 after seeing a rally in the early Asian session.
- Tron's monthly stablecoin transfer volume hit $500 billion in November, larger than Base and Solana.
- Tron's total holders crossed the 120 million mark, while its daily revenue reached a new high.
Tron's native token, TRX, saw massive gains on Wednesday, reaching a new all-time high of $0.43 as its monthly stablecoin transfer volume crossed $500 billion.
TRX breaks new all-time high as holders surge past 120 million
Tron has attracted a lot of buzz in the past 24 hours, with its token rising over 20%. The token hit a new all-time high for the first time in seven years, rising to $0.43 before seeing a correction to $0.34 at press time. With the recent rise, TRX's monthly gain has stretched over 100%.
TRX/USDT Max chart | CoinGecko
TRX's rise may be attributed to increased activity on the Tron blockchain over the past few days.
Tron's protocol daily revenue hit a new all-time high of $21.6 million on Tuesday, representing a 98% increase, per Lookonchain data.
Tron Network(@trondao) hit a new daily revenue record of $21.66M yesterday, representing a 98% increase compared to the previous day!https://t.co/Q3YRJa7JuB pic.twitter.com/AHD1MPfoz6
— Lookonchain (@lookonchain) December 4, 2024
Likewise, TRONSCAN, a block explorer for the Tron blockchain, revealed that Tron's total transactions exceeded 9 billion with total accounts rising to 276 million.
A notable reason for the increase is Tron's stablecoin dominance among emerging markets. According to Messari Crypto, Tron's monthly stablecoin transfer volume surpassed $500 billion in November — a $150 billion YoY increase— outperforming blockchains like Base and Solana.
Tron Stablecoin Volume | Messari
USDT supply on the blockchain also rose 25% year-to-date, indicating the blockchain's strong dominance with the stablecoin. The Ethereum blockchain only recently flipped Tron in USDT supply — the first time in two years.
30% of the blockchain's stablecoin transactions stem from wallets holding less than $1K, with the total number of addresses with crypto holdings surpassing 120 million users, per IntoTheBlock data. This indicates that Tron is seeing increased use from retailers.
Tron Total Addresses with Balance | IntoTheBlock
Additionally, Tron co-founder Justin Sun hinted at the possible launch of Ripple's new RLUSD stablecoin on the Tron blockchain.
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