TRON’s Transaction Fees to be Cut in Half, Boosting Meme Coin Activity

• TRON’s 50% fee cut is set to boost network activity, especially meme-based transactions.  
• TRON’s new energy model reduces fees to 0.00021 TRX, lowering costs for users and developers.  
• Technical analysis shows neutral RSI, signaling potential consolidation or mild recovery for TRX.

TRON’s blockchain ecosystem is about to get a whole lot cheaper. Its Super Representatives have approved a proposal to cut transaction fees by 50%, a move that could significantly boost network activity, especially when it comes to meme-based transactions.

TRON Super Representatives approved a 50% fee reduction, effective in two hours. Combined with other measures this week, meme transaction fees on TRON are now among the industry’s lowest, expected to boost network and meme trading activity. https://t.co/uAUmJB4wgi

— H.E. Justin Sun(hiring) (@justinsuntron)
September 19, 2024

Optimizing TRON’s Energy Model

The approved proposal, put forth by a user named “BlockAnalysis,” makes three key changes to improve TRON’s dynamic energy model. 

First, it sets the energy threshold at 5,000,000,000 units, a big change aimed at making transactions more efficient. This should affect how cost-effective it is to use energy on the TRON network.

Read also: TRON’s 7000% Growth Fuels Justin Sun’s Bullish TRX Forecast

Second, it adjusts the energy fees. It sets the price per unit of energy at 0.00021 TRX, making things cheaper for developers and users who rely on smart contracts.

And third, a change proposing to increase the dynamic energy model’s maximum factor to 34,000 basis points, further streamlining energy allocation.

Proposal Details and Voting

The proposal, drafted on September 16, 2024, is set to expire on September 19, 2024, at 12:00:00 UTC. Its unique hash identifier ensures it can’t be changed or tampered with on the blockchain.

So far, 22 entities have voted and approved the proposal. Big names like Crypto Labs, TRONGrid, and Crypto Innovation Fund are on board, showing strong support from the industry.

However, five entities, including Binance Staking and Google Cloud, have yet to cast their votes. Their votes are important because they could swing the final governance decision.

Read also: USDT Adoption Fuels TRON’s Growth, Justin Sun Eyes Top 3 Spot

TRON Market and Technical Analysis

As of the time of writing, TRON (TRX) was trading at $0.150488, with a trading volume of $298,501,862. The price increased by 0.45% in the last 24 hours, placing it at the 10th spot on CoinMarketCap with a live market cap of $13,044,165,492.

Technical analysis of TRON shows a mixed outlook. The MACD indicator hints at a slightly bearish trend, as the MACD line is still below the signal line.

Source:
TradingView

But, the shrinking size of the histogram suggests the bearish momentum might be weakening. The RSI, at 50.89, signals a neutral market, with no clear sign of it being overbought or oversold levels. 

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