- Although the altcoin market hasn’t truly exploded, several top-tier projects are still boasting triple-figure gains over the past 12 months.
- Australian social media analyst Miles Deutscher believes that Tron might be the next cab off the rank.
- Justin Sun’s DeFi ecosystem has been building traction due to its meme coin presence and heightened stablecoin activity.
- However, it wouldn’t be a Twitter thread without an argument, as Deutscher soon found out.
It’s been a fairly muted 2024 for altcoins. The market has seen signs of a burgeoning altcoin season, only for hopes to quickly be dashed for varying reasons. The past eight months have mostly been Bitcoin, Bitcoin, Bitcoin – but that also means there’s some value to be found in certain assets.
Some altcoins have demonstrated signs of breaking out despite the sideways market, and Aussie analyst Miles Deutscher suggests one in particular might become the talk of the town soon.
Related: ADA Up 13% with Cardano Chang Hard Fork Upgrade Close, Here’s What It Means
Tron 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%. Another popular altcoin, SOL, has cemented itself in the top five currencies by market cap with 600% gains over the last year.
Miles Deutscher believes these “rotations” may be subdued going forward – they’ve already had their time in the sun.
But what about Tron?
Since the start of the year, TRX has gained 60% thanks to a fast-growing ecosystem with high levels of transaction activity.
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
— Miles Deutscher (@milesdeutscher) August 22, 2024
But Deutscher believes these gains might just be the beginning.
Tron’s Push Into the Top Ten Leaves Many Bullish – But Not Everybody Agrees
Tron’s movement from an obscure blockchain into a prime mover for DeFi has been explosive, resulting in much of TRX’s price growth.
The ecosystem has become the home of stablecoin transactions thanks to its new memecoin trading platform and lightning-fast settlement times.
Over the past few years, TRON has gained significant traction as a payments network, containing the largest global circulating supply of stablecoins ($60b). pic.twitter.com/OTLpgxYfrW
— Miles Deutscher (@milesdeutscher) August 22, 2024
This has caused its total value locked (TVL) – a key indicator of ecosystem health – to skyrocket. Tron now sits second, behind only Solana, as the network with the greatest TVL.
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
— Miles Deutscher (@milesdeutscher) August 22, 2024
Related: CryptoQuant Analyst: Coming Months Won’t Be “Boring” as Bitcoin Bull Rally Nears
Deutscher’s thoughts were met with mostly positivity, but he didn’t escape criticism. One Twitter user brought up a post from the analyst two weeks ago, where he suggested Solana was set up for 5-10x gains in the next altcoin cycle.
The Aussie analyst was happy to hit back though, claiming that two ecosystems can perform well simultaneously (as we often see 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…
— Miles Deutscher (@milesdeutscher) August 22, 2024
People flock to Crypto Twitter to get advice and participate in the community – but they stay for the drama.
