Tron founder Justin Sun recently announced that network transaction fees on the Sunpump and TRON platforms had been reduced.
Justin Sun Lowered Transaction Fees On Tron Network
Recently, Justin Sun announced in an X post the significant reduction in transaction fees on the TRON (TRX) network.
According to the post, transaction fees on the Sunpump and TRON platforms “have been reduced by another 90%.” With that said, transactions on the network now cost 0.352 TRX per transaction.
The reduction in transaction fees is expected to boost transactions on the Tron network by attracting more users, especially those trading meme coins and NFTs.
Impact On Network Transactions
Lowering the network transaction fee will enable users to carry out cheaper and faster transactions on the Tron network. This will, in turn, significantly increase user activity on the network, attract small investors, and potentially raise Tron’s market share.
Considering that high network fees are a major barrier in transacting digital assets, Justin Sun created a user-friendly experience with the fee reduction. This should have a positive impact on the meme coin and NFT markets.
Barely 24 hours after the announcement, Tradeviws data revealed that the price of TRON (TRX) soared by about 0.20% to $0.165. However, the data shows that TRX has fallen by over 5% and is currently trading at $0.152.
Additional Plans For Tron Network
Apart from the reduction in the network transaction fees, Justin Sun also mentioned the increase in the energy cap on the network. He emphasized that the increase has significantly reduced the energy shortage on the network.
This move followed a recent adjustment in the network energy cap to 120B and a subsequent reduction in gas fees for SunPump by 50%.
Aside from focusing on Tron (TRX) and Tron-based meme coins, the Tron founder also revealed his likely move to launch high-quality NFTs on the Tron network.
Sun stated that the network is due to have its native NFT project. He mentioned that if such a project becomes a reality, he will use all trading fees realized from NFTs to repurchase and burn NFT tokens.
Impact on Tron Meme Coins – Sundog (SUNDOG)
Sun’s announcement also triggered a bullish moment in the Tron meme coin. The price of Sundog (SUNDOG) surged by about 10%. Solana’s Pumpfun rival, SunPump, also gained some traction following the announcement.
