- Tron’s daily active users reached 2.5 million, reflecting significant adoption and growth in network activity.
- TRX’s user base surge demonstrates increased popularity and widespread usage in the crypto market.
Tron’s (TRX) performance for the last few months has been excellent, hitting multiple benchmarks. Being one of the few cryptocurrencies with a green weekly price chart, the blockchain not only increased network activity but also did well financially.
Tron Network Activity Soars
In the latest news, IntoTheBlock tweeted about a fascinating Tron blockchain development. As of right now, the tweet claims that there are about 2.5 million active Tron addresses, up from the start of the year.
This enormous increase shows how widely Tron is being adopted and used; it exceeds the number of active addresses on top layer-1 blockchains.
Since the beginning of the year, the number of active @trondao addresses has steadily increased, approaching a daily average of 2.5 million, far surpassing other leading Layer 1 networks pic.twitter.com/TCiatVqVOM
— IntoTheBlock (@intotheblock) June 26, 2024
Considering these encouraging figures, analysts looked into TRX’s network activities using Artemis’ data. According to the research, TRX’s daily active addresses have been increasing consistently within the last month. Daily transactions on the blockchain therefore followed a similar increasing trend.
Apart from the increase in network activity, the captured value metrics for TRX also appeared promising. The increase in TRX fees and income last month indicates that the blockchain has a bright financial future.
But over the past seven days, TRX’s performance in the DeFi area has declined, as seen by a significant drop in its Total Value Locked (TVL).
Rising Popularity in LATAM
Furthermore, TRON has been becoming more and more popular in Latin America. Underscoring USDT’s growing popularity in the region, a prior CNF report highlighted that 48.78% of Uquid users in LATAM utilize it on the TRON network.
In the middle of these changes, TRX stood out as one of the few cryptocurrencies in the top 20 list to keep a green weekly chart.
CoinMarketCap data show that throughout the previous seven days, the price of TRX rose by over 5%. As of writing, TRX was the eleventh largest cryptocurrency, valued at about $10.87 billion and trading at $0.1247.
The rising long/short ratio for TRX, which suggests a predominately positive mood in the market, further increased investor confidence.
For the token, a number of technical signs also seemed encouraging. For instance, the MACD displayed a clear bullish edge and the Chaikin Money Flow (CMF) increased significantly, both of which suggested a price increase that would continue.
Tron’s price had, however, crossed the upper bound of the Bollinger Bands, which frequently suggests a possible price decline.
The price of TRX may drop to $0.115 if such a correction takes place in the next few days, since liquidation will increase dramatically at that point. On the other hand, if the bulls keep running the market, investors could soon see TRX hit $0.13.
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