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How Tron’s latest update can bring good news to TRX investors

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How Tron’s latest update can bring good news to TRX investors
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  • New Tron update has released additional features 
  • Soon after, TRX’s price also registered an uptick

Tron [TRX] recently announced the release of its new Java-tron GreatVoyage-4.6.0 update. According to an official tweet, GreatVoyage-4.6.0 is a mandatory update that comes with several new features that are intended to improve the network considerably. A few of the new features include an optimized reward algorithm proposal, a transaction memo fee proposal, optimizing block production priority between active and backup nodes, etc. 

Read Tron’s [TRX] Price Prediction 2023-24

Moreover, another interesting update was announced by PancakeSwap recently. The development was regarding a new proposal to add Tron to Syrup pool for farming purposes. If this proposal gets passed, then users will be able to stake CAKE to earn TRX. 

Positive impact on TRX

All these developments had a positive effect on TRX’s price action as its price appreciated by more than 4% over the last seven days. In fact, according to CoinMarketCap, TRX’s value hiked by 1.23% over the last 24 hours, with the altcoin trading at $0.05205 with a market capitalization of $4.7 billion. 

Additionally, TRX’s value was yet again in the news as it was on the list of the top projects with a market capitalization under $10 billion. TRX was ranked third on the list, only behind Polygon [MATIC] and Polkadot [DOT]. 

An update that might be crucial for TRX investors was revealed by Binance too. The exchange will conduct a wallet update on 24 November because of which deposits and withdrawals will be temporarily suspended. It will reopen once the maintenance is completed.

What do the metrics say?

Apart from the most recent price uptick, a few interesting developments also happened on TRON’s metrics front.

DeFiLlama’s data revealed that TRX’s total value locked (TVL) appreciated on 23 November. TRX’s development activity followed a similar path and hiked over the past week. This is generally a positive sign for a blockchain because it represents greater developer effort in improving the network.

After a sharp decline, TRX’s Binance Funding rate revealed signs of recovery with an uptick. This suggested that the token has been receiving more interest from the derivatives market. Nonetheless, TRX’s social volume went down slightly over the past week – A red flag.

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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