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Tron beats FUD after $21.9M weekly inflows overshadow Cardano, Solana



Source: Unsplash

Update: Part of the HD has been corrected after publication

Tron [TRX] is an enigma. The Tron Foundation’s official Twitter bio states it is “dedicated to building the infrastructure for a truly decentralized Internet.”

However, Founder Justin Sun’s name makes it into different parts of the ecosystem.

That being said, of late, the altcoin has been getting quite a lot of attention. Especially after it crossed some high-value milestones.

Tron on the radar

CoinShares’ latest Digital Asset Fund Flows report found that Tron does have several reasons to boast after all.

Volume 54 of the report revealed,

“Tron, a digital platform focussed primarily on hosting entertainment applications, has seen inflows totalling $79M over the last seven weeks, making it the 8th largest by AUM.”

That wasn’t all, however. Over the week ending on 5 November, Tron saw inflows of around $21.9 million. To compare this to some so-called “Ethereum-killers,” Cardano recorded inflows of around $5 million over the same period while Solana saw about $9.6 million. Finally, Polkadot noted inflows of approximately $8.5 million.

Making a name

How else is the game-based crypto stepping ahead of competitors? Well, Tron’s active addresses and transaction counts have been higher than those of Ethereum, Cardano, and XRP since early 2021.

Additionally, on 9 November, Tron announced that it had crossed a milestone of 61 million accounts. A few days before that, it also hit more than 2.5 billion transactions.

Much to the community’s awe, Tron also reported that its total value locked [TVL] shot past the $13 billion mark.

However, as previously reported, Tron’s growth has been far from consistent this year. In fact, a crypto-investor in 2021 would have likely been happier with their ROIs on Cardano’s ADA or Ethereum’s ETH, rather than Tron’s TRX.

At press time, the crypto ranked 30th by market cap was changing hands at $0.1112. This came after two days of rallying.

Mint-and-burn FUD

Tron saw some fascinating activity in the early days of November when Whale Alert revealed that one billion USDT had been minted at the Tether Treasury. At the time, a Tether official clarified that this was an “inventory replenish” on the Tron Network.

One billion USDT was also burned on the blockchain. While Tether put out a statement saying that its total supply wouldn’t change during the procedure, there was considerable FUD among users.

A few days later, however, Tron was able to announce a new milestone.

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Sahana is a full-time journalist at AMBCrypto. She has a Masters in Journalism and her areas of study include crypto-regulation, digital society, privacy, and intersectionality. Ask her about film photography and philately.

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