- Tron’s profits have been on the rise over the past few months.
- The price of TRX rose slightly last week and market indicators remained weak.
Tron (TRX) It comfortably holds the top spot on the blockchain’s list of daily active users. Blockchain has also reached new milestones that clearly reflect its high adoption rate and usage.
But will these achievements help promote Tron’s overall health?
Tron achieved its goal
Tron has comfortably held the top spot in the list of cryptocurrencies by daily active users for several months. AMBCrypto found that TRX has 1.6 million daily active users.
Just to compare, BNB Chain (BNB) and Bitcoin (BTC)Tron is right behind, with daily active users of 968,000 and 617,000, respectively.
Source: Token Terminal
TRX quickly reached new milestones while maintaining its top spot in the above-mentioned list. like reported Previously, TRX was on the verge of reaching a total of 200 million addresses by AMBCrypto.
At press time, TRX’s total accounts have surpassed 199.6 million, so the goal is closer than ever.
Worldwide, #tronics Making their mark. 🫡
We’re almost at the 200 million account mark! Look carefully. We’re almost there.
Want to see it live? Check it out here 👉https://t.co/yzkf7Z6kl6 pic.twitter.com/EYk1PFvQqp
— Tron Dao (@trondao) December 5, 2023
The performance of blockchains in the DeFi space also seemed commendable. That seems likely, as TVL was set to hit $20 million.
Key projects contributing to this growth include JustLend DAO; TRX Staking governance and cryptocurrency. Apart from that, Staked USDT and JustStable also ranked in the top 5 on the same list.
🔥Total value locked (#TVL) in #tron #DeFi The ecosystem has exceeded $19.7 billion and continues to grow today! pic.twitter.com/4OXcjjzE9W
– TRONSCAN (@TRONSCAN_ORG) December 5, 2023
Since these indicators looked optimistic, AMBCrypto checked the blockchain’s network activity over the past month. Our findings show that TRX’s daily active addresses have remained relatively stable over the past 30 days.
A similar trend was seen on the daily trading charts.
Source: Artemis
Tron’s profits are increasing!
While blockchain network activity has increased, the value captured by blockchain has also gained upward momentum. According to the latest data, Tron’s revenue is up nearly 700% from its 2021 low.
#tronThe price of may have been in a bear market since 2021, but the protocol’s revenue is up nearly 700% from its 2021 lows. Basically, #TRX It is one of the strongest coins and one of the only chains that is consistently net deflationary. @justinsuntron @Trondao pic.twitter.com/9znPEhRFQ2
— Intuit Φ (@Intuit_Trading) December 4, 2023
This not only meant more benefits for blockchain, but also reflected how its use and adoption has grown over the past few years.
AMBCrypto looked at Artemis’ data and found that the values captured have remained stable over the past 30 days. This is evident from the relatively consistent fee and revenue graph.
Source: Artemis
Explore other spaces on TRX
While assessing the state of Tron, it is important to look at other spaces as well. First, let’s check out how TRX has been performing in the staking ecosystem.
According to data from TRONSCAN, a total TRX Both Stake 1.0 and 2.0 have remained stable over the past month.
But the good news is that Stake 2.0 has increased its share. This may be due to the benefits the new staking mechanism provides to stakers.
Source: TronScan
Depending on the Staking Rewards, at the time of this writing, TRX’s staking ratio was just over 50% and the total number of staking wallets was 388,000. The blockchain’s staking market capitalization has exceeded $4.6 billion.
AMBCrypoto looked at Tron’s status in the NFT space and found that Tron recorded growth last week as well. According to the graph, the total number of NFT transactions on TRX has recently surged.
A similar trend was seen in terms of total NFT trading volume in USD.
Source: Santiment
However, despite growth in many areas, it is surprising that blockchain performance on the social front has declined over the past seven days. According to Santiment, TRX’s social volume plummeted last week.
Additionally, as can be seen in the low-weight sentiment graph, negative emotions around them were also high.
Source: Santiment
Tron Investors Are Not Satisfied
Like social indicators, the token’s price action has also failed to impress investors over the past week. According to coinmarketcap, TRX is up only 0.28% over the past 7 days.
At the time of writing, it is trading at $0.1033 with a market capitalization of over $9 billion, making it the 11th largest cryptocurrency. AMBCrypto also took a look at the daily charts to get a better understanding of what to expect from the token in the coming days.
read Tron (TRX) price prediction 2023-24
TRXThe Bollinger Bands indicated that the price had entered a lower volatility zone. The Relative Strength Index (RSI) was also trading sideways just above the neutral line, suggesting investors can expect a few more days of slower movement.
Nonetheless, Chaikin Money Flow (CMF) remained hopeful, recording a slight uptick.
Source: TradingView