- According to TRONSCAN, total transactions from Tron exceeded 5.7 billion.
- Market indicators were bearish, suggesting further price decline.
Tron [TRX] has witnessed a drop in key network metrics, which was concerning. According to Artemis data, daily active users of TRX have declined sharply over the past 30 days.
A decrease in the statistic indicates less use of the network. Daily transactions also followed the same trend and fell in recent weeks.
Source: Artemis
The drop in daily transactions was surprising as TRONSCAN pointed to another performance from the network on May 30.
According to TRONSCAN’s latest tweet, the total number of transactions on Tron exceeded 5.7 billion, which is a commendable number.
👏 Congratulations! The total transactions #TRON over 5.7 billion!🎊
🚀#TRON ecosystem is growing steadily with more than 163 million accounts in total and 5.7 billion transactions in total. #TRONSCAN pic.twitter.com/CbZMDwfRGU
— TRONSCAN (@TRONSCAN_ORG) May 30, 2023
Tron is getting a major network upgrade soon
The declining stats may change course soon as Tron waits for a major network update called GreatVoyage-v4.7.2 Periander. The update is expected in June.
According to the official announcement, the content and features are still under discussion and have yet to be determined.
🚀 The next one #TRON Mainnet GreatVoyage-v4.7.2 Periander, with:
✅Stake 2.0 unstake flexibility
✅Improved Resource Delegation API
✅Adapt to Ethereum Shanghai Upgrade
✅Improved energy estimation API
✅P2P network upgrade with Libp2p v2.0.0— TRONDAO (@trondao) May 30, 2023
However, there are plans to make changes according to TIP 541, 542,543 and 544. Stake 2.0 is optimized by TIP-541.
Currently, users must wait 14 days after initiating a Stake 2.0 unstaking transaction via the HTTP API before they can withdraw the corresponding funds. With the update, users get more flexibility.
Other notable changes include adding a proposal to optimize the resource delegation API, adding a proposal to allow adaptation to the Ethereum Shanghai Upgrade, upgrading the p2p network module to Libp2p v2.0.0 , etc.
Tron bears are here
TRXThe price action also turned bearish after witnessing an increase in the previous week. According to CoinMarketCapthe price of TRX is down more than 1.5% in the past 24 hours.
At the time of writing, it was trading at $0.07542, with a market cap of over $6.8 billion.
The decline was accompanied by an increase in volume, which emphasized bearish pressure.
Despite the price action, it was interesting to see the sentiment around TRX improve as weighted sentiment rose. TRX’s social volume was also high, reflecting its popularity.
Source: Sentiment
Realistic or not, here it is The market cap of TRX in BTC conditions
The price of TRX will fall further
A look at Tron’s daily chart gave more cause for concern. The MACD showed a bearish crossover. TRXThe Relative Strength Index registered a decline and moved towards the neutral border.
However, the Exponential Moving Average (EMA) ribbon was still bullish as the 20-day EMA moved above the 55-day EMA.
Source: TradingView