Tron: Do investors have cause for concern?
- Tron remained at the top of the blockchain in terms of daily active addresses.
- TRX was down by more than 3%, and most market indicators were bearish.
The year 2023 has been pretty good for Tron [TRX] in terms of the blockchain’s adoption and usage.
Not only did TRX outperform its top competitors like BNB Chain [BNB] and Bitcoin [BTC], but it also managed to hold its number one position consistently throughout the past several months.
Tron’s 2023 achievements are many
AMBCrypto’s check of Token Terminal’s data revealed that Tron continued to sit in the top spot on the list of cryptos by daily active addresses.
At press time, TRX’s daily active addresses stood at 1.4 million, while BNB and BTC’s numbers were 968k and 443k, respectively.
AMBCrypto also found that TRX’s total number of transactions had crossed 6.9 billion, while its TVL reached $20 billion. The blockchain’s staking ecosystem’s performance also remained pretty decent in 2023.
Tron launched Stake 2.0 this year, adding multiple new features for stakers. Over the past few months, the share of Stake 2.0 has increased, as evident from TRONSCAN’s data.
According to Staking Rewards, TRX had a staking ratio of 50.2% and a total of 390k staking wallets. At the time of writing, it had a staking market capitalization of over $4.65 billion.
The blockchain’s NFT ecosystem has also witnessed some traction in the recent past.
AMBCrypto’s look at Santiment’s data revealed that TRX’s total number of NFT trades remained high over the last three months. Nonetheless, its NFT trade volume remained low except for spiking once on the 6th of December.
TRX has a few concerns
While the blockchain reached new highs in terms of total addresses, TRX’s price action turned bearish.
According to CoinMarketCap, in the last 24 hours alone, the token’s value dropped by more than 3%. At press time, it was trading at $0.1048 with a market cap of over $9.28 billion.
Things did not look too good for TRX’s future, as AMBCrypto found that its Open Interest decreased, increasing the chances of a trend reversal.
How much are 1,10,100 TRXs worth today?
Tron’s Relative Strength Index (RSI) also registered a downtick and was headed towards the neutral mark at press time.
Its Chaikin Money Flow (CMF) followed a similar route, increasing the chances of a continued southward price movement during the ending days of 2023.