In a recent tweet, the official Twitter account of TronDao informed how they outcompeted major cryptocurrencies.
TronDao was ranked number one for the total number of active addresses compared to BTC, ETH, and XRP.
Source: COINMETRICS
One of the reasons why the crypto community has been using Tron for a lot of their transactions could be its low gas prices. This can be very attractive during a phase when the Ethereum network is ready to undergo Merge. And, other alternatives like SOL have been facing security and network issues.
But the good news doesn’t just stop here, Tron has also seen a meteoric rise in the DeFi space.
The success can be attributed to the fact that Tron has surpassed ETH in terms of circulation amounts for USDT.
Furthermore, Tron has been seeing a tremendous uptick in the volume of its DeFi transactions.
Source: TRONSCAN
With the above-mentioned positive factors, it seems, in the future, Tron could give ETH a run for its money. Well, especially, when it comes to DeFI.
Tron has captured the market when it comes to USDT, but they do have their own native stablecoin that is not doing too well at the moment.
At the time of press, the trading volume of which went down 50% in the last 24 hours.
Unstable coins
One of the reasons why USDD could be facing issues is because Justin Sun has publicly come out in support of ETHW.
ETHW has been getting a lot of flack on social media and there is a possibility that TRON and USDD could come under the crossfire of the backlash.
Another criticism of USDD has been the fact that it got massively depegged in June. And, traders are worried that a case like Luna and Terra could occur again.
Justin Sun has defended Luna and Terra in an interview and has blamed short sellers for incentivizing the criticism against Luna and USDD.
Even so, Tron’s price has been pretty stable ranging between the $0.071 resistance line and the 0.062 support.
However, the RSI hasn’t been able to push against the 40 mark. Thus, indicating that the momentum isn’t with the buyers just yet.
Notably, the CMF, at press time was in an upwards trajectory implying that the possibility of a future rally couldn’t be ruled out.
Source: TradingView
