As the market’s crypto-assets get on board with Ethereum’s pump, Tron’s TRX continues to falter. In fact, according to CoinMarketCap, TRX is among the leading tokens to register losses over the week. While the altcoin has dropped by a mere 0.25% over the past week, other assets have surged to prominence.
This consolidation further highlights the state of TRX in recent days, especially after it flashed recovery trends in July. At the time of writing, it was trading at $0.07 after receiving a late push from bull activity on 13 August.
Rise and shine
Despite TRX’s performances, Tron’s ecosystem continues to develop in the limelight. And, what’s even more interesting is that the crypto-community is beginning to notice it. As per Lunar Crush, TRX was among the top-10 trending searches on the platform. However, this development was not reflected on the Social Dominance metric.
In fact, the metric has failed to a see a spike since a mega hit on 26 July, with the same continuing to range around 0.325%.
Source: Santiment
Tron also compiled a list of weekly updates recently which included development updates for the network. According to this update, Tron’s network has joined hands with Travala and Wintermute to further expand the ecosystem. These alliances aim to push Tron’s growth to new heights in the coming months.
Moreover, TRX was ranked first in a list of top-10 most voted and popular blockchain platform projects published by CoinMarketLeague.
Tron Scan also shared an update about the increasing stablecoin activity on the Tron network. As per the tweet, the average daily transfer volume of stablecoins on Tron reached $7.15 billion between 5-11 August. Additionally, the amount stored in DeFi TVL on Tron hiked by over 1% in 24 hours to amount to $11.6 billion.
Despite these advances, however, daily transactions on Tron are not noting an incline. Towards the start of August, daily transactions were clocked at around 5.1 million, with the same growing gradually since. As per Tron Scan, transactions hit the 5.2 million-mark, showing only modest increases, with the same fluctuating wildly over the last two weeks.
Source: TronScan.org
Where does Tron head from here? While network developments continue to headline Justin Sun’s vision, TRX should be making the most of this recovery rally. However, this has not been the case so far. It wouldn’t be long until investors take notice of it.
