- Tron’s sales have accelerated in recent months.
- The price of TRX moved marginally last week and the market indicators remained bearish.
Tron [TRX] has comfortably sat at the top spot on the list of daily active users of blockchain. The blockchain also reached a new milestone, which clearly reflects its high adoption rate and usage.
But will these achievements help improve Tron’s overall health?
Tron has achieved his goal
Tron has comfortably held the number one spot on the crypto list of daily active users for months. AMBCrypto found that the number of daily active users of TRX was 1.6 million.
Just for comparison, BNB chain [BNB] And Bitcoin [BTC]which were just behind Tron had 968,000 and 617,000 daily active users respectively.
Source: Token terminal
While TRX retained its top spot on the aforementioned list, it also quickly reached a new milestone. If reported Previously by AMBCrypto, TRX was about to reach a total of 200 million addresses.
The goal was now even closer than ever before, as at the time of writing, TRX’s total accounts crossed the 199.6 million mark.
All over the world, #TRONICS are making their mark. 🫡
We’re almost at the milestone of 200 million accounts! Stay tuned: we’re almost there.
Do you want to see it happen live? Check it out here 👉https://t.co/yzkf7Z6kl6 pic.twitter.com/EYk1PFvQqp
— TRON DAO (@trondao) December 5, 2023
The blockchain’s performance in the DeFi space also looked commendable. This appears to be the case as the TVL was about to hit the $20 million mark.
The top projects that contributed to this growth include JustLend DAO, TRX Governance stakes and only cryptos. Apart from that, Staked USDT and JustStable also reached the top 5 on the same list.
🔥Total value locked (#TVL) in #TRON #DeFi The ecosystem has surpassed $19.7 billion and everything continues to grow today! pic.twitter.com/4OXcjjzE9W
— TRONSCAN (@TRONSCAN_ORG) December 5, 2023
Since these statistics looked optimistic, AMBCrypto then checked the blockchain’s network activity over the past month. According to our findings, TRX’s daily active addresses have remained relatively stable over the past 30 days.
A similar trend was also visible on the daily transaction chart.
Source: Artemis
Tron’s turnover has increased!
As blockchain network activity increased, the value captured also gained upward momentum. According to the latest data, Tron’s revenue is up nearly 700% from its 2021 low.
#TRON‘s price may have been in a bear market since 2021, but protocol revenues are up nearly 700% from 2021 lows. Fundamentally, #TRX is one of the strongest currencies and one of the few chains that is in constant net deflation. @justinsuntron @trondao pic.twitter.com/9znPEhRFQ2
— Intuit Φ (@Intuit_Trading) December 4, 2023
Not only did this mean more profits for the blockchain, but it also reflected how its use and adoption have increased in recent years.
AMBCrypto’s look at Artemis’ data also revealed that the value captured remained stable over the past 30 days. This was reflected in the relatively consistent graphs of compensation and revenue.
Source: Artemis
A look at TRX’s other spaces
When assessing the health of Tron, it is important to also look at the other areas. To start, let’s take a look at how TRX has done in its staking ecosystem.
According to TRONSCAN data, the total number is TRX staked on both Stake 1.0 and Stake 2.0 remained stable last month.
But the good news was that Stake 2.0’s stock rose, which may have been due to the benefits the new staking mechanism offers to stakers.
Source: TRONSCAN
From Staking rewardAt the time of writing, TRX had a stake ratio of just over 50% with a total number of staking wallets of 388,000. The blockchain had a market capitalization of over $4.6 billion.
AMBCrypoto then looked at Tron’s state in the NFT space and found that it too recorded growth last week. As the charts show, TRX’s total number of NFT transactions has risen sharply in the recent past.
A similar trend was also observed in terms of total NFT trading volume in USD.
Source: Santiment
However, it was surprising to see that despite growth in multiple areas, blockchain performance on social has declined over the past seven days. According to Santiment, TRX’s social volume fell sharply last week.
Not only that, but the negative sentiment surrounding it was also high, as evidenced by the low Weighted Sentiment chart.
Source: Santiment
Tron investors are not happy
Like the social metrics, the token’s price action over the past week also failed to impress investors. According to Coin market capitalization, TRX is up just 0.28% over the past seven days.
At the time of writing, it was trading at $0.1033 with a market cap of over $9 billion, making it the 11th largest crypto. AMBCrypto also looked at the daily chart to better understand what to expect from the token in the coming days.
Read Trons [TRX] Price prediction 2023-24
TRX‘s Bollinger bands revealed that the price entered a lower volatility zone. The Relative Strength Index (RSI) also moved sideways just above the neutral line, indicating that investors can expect a few more quiet days.
Nevertheless, the Chaikin Money Flow (CMF) remained hopeful as it registered a slight increase.
Source: TradingView