Tron’s Network Activity Soars as TRX Price Remains Bearish – Will a Rebound Follow?
The post Tron’s Network Activity Soars as TRX Price Remains Bearish – Will a Rebound Follow? appeared on BitcoinEthereumNews.com.
Tron’s network activity has maintained strong growth over the last 30 days, indicating a rising adoption of the blockchain. Despite this increased activity, the token experienced a drop in its price by 3% in the past week. Recently, Tron achieved a significant milestone by surpassing 245 million total addresses, evidencing its growing popularity and use. Explore the recent developments and performance metrics of Tron, as the blockchain sees a rise in adoption but a dip in token price. Tron’s Adoption and Network Activity The recent activity on the Tron blockchain reveals promising trends in terms of adoption and usage. According to a tweet by TRONSCAN, a leading account for updates in Tron’s ecosystem, the network’s total addresses soared past 245 million. This figure underscores a considerable increase in users and the blockchain’s wide acceptance. Further analysis of Artemis data shows that Tron’s network activity remained consistently high, demonstrated by stable daily active addresses and significant transaction volumes over the past month. In addition, the blockchain’s fees and revenue maintained stability, reflecting sustained utilization in the decentralized finance (DeFi) space where Tron’s total value locked (TVL) gained momentum. Tron’s Performance in the Market Despite the robust network activity, Tron’s native token, TRX, faced bearish pressure. Over the last seven days, TRX has fallen by over 3%, positioning it at $0.1341, as per CoinMarketCap data. With a market cap exceeding $11.6 billion, TRX stands as the 11th largest cryptocurrency. Notably, more than 97% of TRX investors remain profitable, as evidenced by IntoTheBlock’s statistics. Additionally, Coinglass data suggests potential bullish sentiment; a decline in Tron’s open interest amid falling prices often signals a potential trend reversal. Examining technical indicators, a MACD bearish crossover and a downtick in Tron’s Chaikin Money Flow indicate potential ongoing price declines. Conversely, the Money Flow Index showed slight…
Filed under: News - @ July 22, 2024 1:12 am