Journalist
Posted:
- Tron’s staking ecosystem thrived as the staking market cap rose.
- TRX’s daily and weekly charts were green and several metrics were bullish.
Trons [TRX] The DeFi ecosystem recently witnessed a significant boom, which translated directly into growth. Not only was the blockchain DeFi space growing, recent data also indicated a similar trend in TRX’s staking ecosystem.
Read Trons [TRX] Price prediction 2023-24
While this was happening, bulls in the recent past also retreated, turning TRX’s daily and weekly charts green.
Tron continues to grow
Taking into account the latest data, the blockchain has witnessed growth on multiple fronts, the latest of which is the DeFi space. Tron DAO’s tweet, posted on September 28, indicated that TVL was growing.
Tron also witnessed an increase in his TVL in recent days. At the time of writing, TRX’s TVL was $15.8 billion, growing over 2% over the past 24 hours.
Hi #TRONICS! Have you checked out? @trondao‘S #DeFi?
TVL on the #TRONNetwork cost $15.3 billion! 🚀
Let’s dive in and #BUIDL together! 💪
Source👇 https://t.co/YW3opVO3ZO pic.twitter.com/sr2uL66zB6
— TRON DAO (@trondao) September 28, 2023
Key blockchain metrics also recorded an increase, as evidenced by TRONSCAN’s facts. The total number of addresses on the blockchain reached almost 187 million, while the total number of transactions exceeded the $6.4 billion mark.
Apart from this, another optimistic sector was the blockchain ecosystem. Just a few months ago, TRX launched its Stake 2.0, with new features for stakers.
According to a recent tweet, TRX’s stake amounted to 46.8 billion, with 23.12% in Stake 2.0 and 76.88% in Stake 1.0. Stake 2.0’s steady share growth reflected its growing popularity in the space.
According to Set up rewardsTRX’s total number of staking wallets reached 368,000 and had a market cap of over $3.73 billion at the time of writing.
🙌Currently the amount staked is #TRX is 46.8 billion, with 23.12% in interest 2.0 and 76.88% in interest 1.0.
📈Currently the deployment speed is $TRX amounts to 52.53%, an increase of 0.280% compared to a month earlier.https://t.co/lTsixqALHL pic.twitter.com/3WGHrHE6y1
— TRONSCAN (@TRONSCAN_ORG) September 28, 2023
Tron investors are happy
In the midst of this, TRX bulls entered the market and painted the token’s map green. According to CoinMarketCapThe price of TRX has risen by almost 5% in the past 24 hours.
At the time of writing, TRX was trading at $0.08861 with a market cap of over $7.8 billion, making it the 10th largest crypto. As the price of TRX rose, so did its one-week price volatility.
TRXThe company’s demand in the derivatives market also increased, as evidenced by the green Binance funding rate on September 29. However, the upward trend did not positively impact TRX’s social performance as social volume declined slightly.
However, trading volume has leveled off over the past week despite the price increase.
Source: Santiment
Realistic or not, here it is The market cap of TRX in terms of BTC
After a look at the stock markets, more bearish signals emerged TRX‘s daily chart. Notably, both Tron’s Money Flow Index (MFI) and Relative Strength Index (RSI) were in overbought territory. This could increase selling pressure and in turn push down the token price.
However, the MACD continued to support buyers as it showed a bullish crossover.
Source: TradingView