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Tron: Weekly report and important data sets to give you better trading ideas

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Tron: Weekly report and important data sets to give you better trading ideas
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  • TRON’s weekly report highlighted the updated statistics of the network. 
  • Despite registering price gains, TRX’s performance on the metrics front was sluggish. 

TRON [TRX] recently released the latest edition of its weekly report, revealing how the network has been performing during the last seven days. The report mentioned all the notable developments that happened in the TRON ecosystem.

Is your portfolio green? Check the TRON Profit Calculator

Here are the updates

As per the report, the TRON blockchain height exceeded 47.84 million. The total number of accounts on the TRON network also reached 137,027,282.

Moreover, the total number of transactions on TRON reached 4.6 billion, and its total value locked exceeded $10 billion. Interestingly, TRX also ranked second on the list of the top public chains by total value locked, only behind Ethereum.

The report also revealed that a new feature was added to TRONSCAN, which is a block explorer for the TRON network. Users will be able to hide small-amount transactions in transfer records with the new feature.

Another major development that happened in the last few days was the fact that TRON became the legal tender for St. Maarten. Access to TRON’s quickly growing and inclusive global ecosystem will benefit St. Maarten and increase the island’s appeal to tourists from outside, who are vital to the local economy. 

Realistic or not, here’s TRX market cap in BTC’s terms

Weekly on-chain performance is not as promising

TRON managed to make its investors happy over the last week by registering gains. As per CoinMarketCap, TRX’s price increased by more than 4% in the last seven days, and at the time of writing, it was trading at $0.06296 with a market capitalization of over $5.7 billion.

Though the performance on the price front was promising, TRX’s on-chain metrics did not look in a healthy state. Its 1-week price volatility decreased considerably, which might have restricted TRX from registering higher gains.

The token’s social dominance also decreased over the last week, reflecting less popularity. Furthermore, the development activity also declined, which was a negative signal. Nonetheless, TRX remained in demand in the derivatives market as its Binance funding rate was relatively high.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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