Tron beats Ethereum 5:1 on daily transactions, details here
- The total amount of TRX staked increased over the last few days.
- A few market indicators were bullish but TRX’s social volume fell last week.
Tron [TRX] once again registered growth in terms of its accounts that proved the rate of its adoption. Not only did TRX’s total addresses grow, it also dominated the market by transaction count as it managed to outperform Ethereum [ETH] by a massive margin. Tron staking also witnessed an uptick over the last few days, which looked optimistic for the network. However, the impact of the network stats was not seen at a full scale on the token’s price action, which remained slow moving.
— TRONSCAN (@TRONSCAN_ORG) July 18, 2023
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Tron’s adoption is increasing
TRONSCAN’s latest tweet revealed that the blockchain’s total accounts exceeded the 173 million mark. In the last 24 hours alone, the number of addresses increased by over 200 thousand.
Apart from addresses, the blockchain’s total transactions were also increasing at a substantial rate. Over the last day, Tron’s total transactions suppressed 4 million, pushing the total figure to 6.18 billion.
Another major development was also revealed by Tron Dao’s tweet. As per the Tweet, Tron was way ahead of Ethereum in terms of daily transactions. While the former had over 5 million daily transactions, the latter only had over 1 million, which is a massive lead.
Data by @nansen_ai ?
— TRON DAO (@trondao) July 17, 2023
Tron’s staking ecosystem also witnessed an uptick in the last few days. TRONSCAN’s data revealed that the total number of TRX staked has gone up of late. At press time, TRX had a staking ratio of more than 47% and a staking market capitalization of over $3.4 billion.
TRX’s price does not reflect these achievements
Though these developments around the TRX ecosystem were promising, the growth was not noted in token’s price action. As per CoinMarketCap, TRX’s price only moved up by 0.7% in the last 24 hours. At the time of writing, TRX was trading at $0.08014 with a market cap of over $7 billion.
TRX’s Bollinger Bands revealed that the token’s price was entering a slightly less volatile zone. Its Chaikin Money Flow (CMF) registered a slight downtick, which was bearish.
Realistic or not, here’s TRX market cap in BTC‘s terms
Nonetheless, Tron’s Relative Strength Index (RSI) was well above the neutral mark. Its Exponential Moving Average (EMA) Ribbon revealed a clear bullish upperhand in the market, which can help the token increase its price in the coming days.
A setback was noted in terms of TRX’s performance on the social front. The token’s social volume declined, reflecting a drop in its popularity. However, its weighted sentiment improved last week. This meant that positive sentiment around the token was dominant in the market.