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- Tron scored a big win in November as the network with the highest stablecoin transfers.
- The Tron Network cooled off somewhat as TVL outflows continued amid a recent increase in selling pressure.
Tron [TRX] Like most other networks, it had a bullish November and saw robust activity.
However, it excelled more than its rivals in stablecoin transfers during the month, building on the strong momentum of previous months.
A recent CryptoQuant analysis found that Tron’s USDT transfer volume rose to $587.2 billion in November. This was the network’s highest monthly volume ever recorded.
It also meant that Tron was the top network in terms of stablecoin transfers during the month. The network’s stablecoin transfers have been growing steadily in recent months.
The Tron stablecoin milestone was supported by robust network activity throughout the month. However, things have slowed down a bit lately.
TVL has been on a steady rise, driven by network growth and TRX price action.
A look at TVL in USD value shows that it peaked at the new ATH earlier this month. However, the TVL in terms of TRX value has been declining for months.
source: DeFiLlama
The network had 27.62 billion TRX in TVL as of December 13, down from the peak of 83.70 billion in March this year.
The difference from the recent ATH in dollar value was because the TRX price rose along with on-chain volume.
Daily transactions in Tron have grown significantly over the past twelve months. However, transaction activity in December has fallen sharply from November highs.
source: DeFiLlama
For context, on December 3, transactions peaked at 9.03 million transactions. They have since dropped to 6.81 TXS on December 14th.
This decline could underline the lower hype or activity now compared to November.
The state of demand and selling pressure
The dip reflects the latest TRX price action. Profit-taking was the magic word during the last two weeks after the ATH on December 3.
The coin was exchanging hands at $0.2878 at the time of writing, which equated to a 36% drop in the past two weeks.
Source: TradingView
Can TRX resume its upside, or will the bears hunt longer? According to Coinglass, TRX outflows have dominated over the past two weeks, especially after the peak on December 3.
The Tron network ended the weekend with more outflows. More than $5.51 million in outflows were observed in the past twelve hours.
Source: Coinglass
Read Tron’s [TRX] Price forecast 2024–2025
Open Interest also remained relatively high at $277.76 million, despite a significant decline over the past two weeks.
Funding rates also remained positive, indicating that bearish expectations were relatively low despite the recent pullback.
