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Did TRON conclude July with an impressive performance

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Source: Pixabay

TRON has raised the bar in recent weeks with the overturn in the market sentiment. The network performed well in the previous week with certain on-chain data signaling growing traders’ optimism.

Reportedly, the total number of accounts on TRON recently reached 104.8 million while the total number of transactions reached 3.61 billion.

Sunshine + Rainbows

TRON published a report on its weekly updates highlighting key data from the network’s performance. The report revealed that the TVL on TRON reached $11.3 billion at the end of July.

Moreover, there are a total of 4,050 active dApps on TRON, according to dapp.com. As per a tweet from Tron Scan, these indicators have made Tron ‘the second largest public chain by stablecoin market cap and Top 3 largest public chain by TVL.’

The report further stated that the JustLend DAO passed the security audit by blockchain security company CertiK.

The DAO was even ranked top five on CryptoDiffers’s Top 15 DeFi projects by TVL.

In fact, trading volume on JustLend DAO took a threefold jump from $1.28 million on 26 July to $3.83 million on 27 July. JustLend is dominating the TRON DeFi with its high TVL and is followed by SUN.io at a distant second place.

Source: BitDegree

That being said, TRX, at press time, was trading at $0.06 after consolidating over the day. It has seen gains this week after bull activity pushed the token over by 3.56%.

However, trader activity has fallen down in the past day as volume fell by 12.87% on the daily chart.

The RSI value of TRX remained in the neutral territory but was showing signs of improvement. At 54, during press time, the RSI value was leaning towards the overbought area.

Source: CryptoQuant

These indicators go on to place TRON as a developing ecosystem in the crypto market. Meanwhile, Justin Sun, the founder of TRON recently stated that his organization, of late, is planning to spend over “$5 billion” to save the crypto market.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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