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Tron: Assessing if TRX’s October achievements can make it to November 
Written by Written by Saman Waris
Reviewed by Reviewed by Saman Waris
Updated November 2, 2022

Tron [TRX] recently released its October’s monthly report, wherein it mentioned all the notable developments of the ecosystem in the last 30 days. Looking at the report suggested that Tron witnessed quite a few heated moments in October, as several developments gave hope for brighter days to come. 

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Here’s AMBCrypto’s Price Prediction for Tron [TRX] for 2023-24

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For instance, in October, more than 4.45 million new users joined the Tron ecosystem. This reflected the popularity of the network. Tron also revealed that over 186 million transactions were processed in October, which was a huge number.

TRX also made it to the list of Binance CMC’s top 10 Equal Weighted Index. Another good news for Tron was the support for withdrawal and deposit of TRC-20 USDC from Kraken. Moreover, Tron recently announced that Tron-based USDT, TUSD, USDC, and TRX were now available for fiat deposits and withdrawals on Guardian.

October was great, but what’s next?

TRX‘s performance last month was also commendable, as its chart was painted green. However, as of 2 November, the bears seemed to have entered the market. This was because TRX registered a negative 24-hour growth. According to CoinMarketCap, at the time of writing, TRX was trading at $0.06217 with a market capitalization of $5.7 billion.  

Source: CoinMarketCap

Have the tables turned? 

Despite such positive developments in the community, TRX’s popularity seemed to have reduced over the week. This was evident by looking at Santiment’s chart. TRX’s social dominance also decreased considerably over the past few days, along with its weighted sentiment. 

Source: Santiment

Furthermore, as per DeFiLlama’s stats, Tron’s DeFi space also witnessed a downfall lately. Its Total Value Locked (TVL), after witnessing a spike in October, started going down over the last few weeks. 

Though TRX’s DeFi space did not perform quite up to the mark, the opposite was true for Tron’s NFT ecosystem. TRX’s NFT space registered a massive uptick in terms of total NFT trade counts and trade volume in USD.

Furthermore, TRX’s development activity also witnessed a sharp surge over the last seven days. This was a relatively positive sign as it reflected the developers’ efforts in improving the network. Nonetheless, at the time of writing, TRX’s development activity had marked a decline.

Source: Santiment
Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Saman Waris

Editor

Saman Waris works as a Senior 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.

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