- Tron remained at the top of the blockchain in terms of daily active addresses.
- TRX fell over 3% and most market indicators were bearish.
The year 2023 has been quite good Tron [TRX] in terms of the adoption and use of the blockchain.
TRX not only outperformed its top competitors like BNB Chain [BNB] and Bitcoin [BTC]but it also managed to maintain its number one position consistently in recent months.
Tron’s achievements in 2023 are numerous
AMBCrypto’s check of Token Terminal’s data revealed that Tron remained at the top spot on the list of cryptos in terms of daily active addresses.
At the time of writing, TRX’s daily active addresses stood at 1.4 million, while BNB and BTC’s numbers were 968k and 443k, respectively.
Source: Token terminal
AMBCrypto discovered that too TRXThe company’s total number of transactions had passed 6.9 billion, while TVL reached $20 billion. The performance of the blockchain ecosystem remained quite decent in 2023.
Tron launched Stake 2.0 this year and added several new features for stakers. In recent months, Stake 2.0’s share has increased, as evidenced by that of TRONSCAN facts.
Source: TRONSCAN
According to Set up rewardsTRX had a 50.2% staking ratio and a total of 390,000 staking wallets. At the time of writing, it had a market capitalization of over $4.65 billion.
The blockchain NFT ecosystem has also seen some traction in the recent past.
AMBCrypto’s look at Santiment’s data revealed that TRX’s total number of NFT transactions remained high over the past three months. Nevertheless, NFT trading volume remained low, apart from a peak on December 6.
Source: Santiment
TRX has a number of concerns
As the blockchain reached new highs in terms of total addresses, TRX’s price action turned bearish.
According to CoinMarketCapIn the last 24 hours alone, the token’s value has fallen by more than 3%. At the time of writing, it was trading at $0.1048 with a market cap of over $9.28 billion.
Things didn’t look too good for TRX’s future, because AMBCrypto found that its Open Interest was decreasing, increasing the chance of a trend reversal.
Source: Coinglass
How many Worth 1,10,100 TRXs today?
Tron’s Relative Strength Index (RSI) also registered a downward trend and was heading towards the neutral mark at the time of writing.
The Chaikin Money Flow (CMF) followed a similar route, increasing the likelihood of a sustained price move south through the end days of 2023.
Source: TradingView
