Assessing Tron’s [TRX] performance since the release of its Q4 2022 report
- Tron saw a mixed fortune in Q4 as activities and accounts saw highs and lows.
- TRX has rallied in 2023 thus far.
Tron [TRX] has presented itself as a viable alternative to Ethereum’s [ETH] blockchain, as it is speedier and more cost-effective. On 7 February, Messari released a report that evaluated the state of the blockchain as of the fourth quarter of 2022 (Q4). So how is the Tron blockchain doing, and how have its operations affected TRX?
How many are 1,10,100 TRXs worth today?
Tron addresses rebound
Statistics from Messari showed a tumultuous year for Tron. Beginning in Q3, the number of daily active accounts continued to rise. They maintained their rapid growth through the end of the year, increasing by 17.9% QoQ and 90.7% annually. However, daily activated new accounts were flat, going into Q4.
Beginning with the FTX scandal in early November, the trend started moving in the opposite direction. On the following day, December 10, 1.3 million new accounts were activated, more than double the number from the day before, when 637,000 new accounts were authorized.
In addition, there was a 20% increase from the previous day, with 5.5 million active accounts as opposed to 4.6 million. QoQ’s growth of 43.8% can be partially attributed to the increase in new accounts. The year-over-year gain of 34.4% is likely attributed to the surge in new accounts seen in Q4 alone.
Additionally, the Tron Scammer active account chart revealed a decline in active accounts at the end of December. The majority of January was spent moving sideways, followed by a sharp decline towards the month’s close. As of this writing, there were over two million active accounts, with a corresponding increase of 7.37%.
TRX sees an uptrend as the market normalizes
Tron, in contrast to other cryptocurrencies, rose after the first week of January 2023. On the daily chart, it increased by almost 40% until press time.
As of this writing, TRX was trading at about $0.067 and had increased by more than 2%. This brought its gain over the previous 48 hours to about 7%.
Realistic or not, here’s TRX market cap in BTC’s terms
More TRX is produced on the Tron network as increased transactions are carried out and as additional energy is required to process the transactions. However, they are burned, which makes them scarce. The research stated that during Q4 2022, more TRX was burned than produced.
There is potential for a price increase in TRX when more consumers use the network. However, the extent to which the on-chain actions affect its value remains to be seen.