Altcoin
As Tron inches closer to this milestone, will TRX rally?
Tron’s total number of accounts is only 10 million behind reaching the 200 million mark. TRX’s price action also turns bullish. Are the two events related?
- TRX’s price surged by more than 2% in the last 24 hours.
- Tron’s volume also increased, but the Funding Rate turned red.
As per a 15 October TRONSCAN tweet, Tron [TRX] achieved a remarkable milestone as its total number of accounts reached 190 million. This meant that the blockchain is only 10 million accounts away from hitting the 200 million mark.
Realistic or not, here’s TRX market cap in BTC’s terms
This was a remarkable achievement, reflecting how fast the blockchain’s adoption has risen in the recent past.
Tron adoption is reaching new heights
?An exciting milestone! #TRON
's total accounts have reached 190,047,298, exceeding 190 million!?Unstoppable momentum as we keep on #BUIDLing!
?Appreciation to all #TRONICS! pic.twitter.com/X8Gk7Ldlwn
— TRONSCAN (@TRONSCAN_ORG) October 14, 2023
At the time of writing, TRX’s total accounts stood at 190.29 million. Thanks to the increase in accounts, TRX’s total number of transactions also surpassed 6.5 billion.
The growth momentum might increase further as the blockchain had a few developments last week, which could propel adoption rates. Tron DAO posted its weekly report on X (formerly Twitter), highlighting the most notable updates from the last week.
?Check out #TRON Highlights from this week (Oct 07, 2023 – Oct 13, 2023).
?We'll update you on the main news about #TRON and #TRON #Ecosystem. So stay tuned, #TRONICS! pic.twitter.com/umSBRXK01L
— TRON DAO (@trondao) October 15, 2023
As per the report, TRX partnered with DexCheck, an AI-powered analytics platform and blockchain asset trading tool. The new collaboration allows Tron users to interpret data better across the blockchain.
Apart from that cross-chain protocol, Symbiosis also announced its support for Tron. Both of these developments can have a positive impact on the blockchain as they fuel further adoption over the weeks to follow.
This can, in turn, help Tron reach the 200 million mark soon in terms of total accounts.
Tron investors are rejoicing
While Tron’s adoption continued to rise, the token’s price action turned in buyers’ favor. According to CoinMarketCap, TRX’s price surged by more than 2% in the last 24 hours.
At the time of writing, TRX was trading at $0.08752 with a market capitalization of over $7.7 billion, making it the 10th largest crypto. As per Santiment, TRX’s trading volume also spiked substantially during the price uptick, which looked optimistic.
Read Tron’s [TRX] Price Prediction 2023-24
Surprisingly, despite the recent price uptick, TRX’s 1-week price volatility plummeted over the last few days. Additionally, Tron’s Binance Funding Rate turned red while its price surged, suggesting that derivatives investors were reluctant to buy the token at a higher price.
Therefore, the possibility of TRX’s price chart turning red again can’t be ruled out.
Source: Santiment
