Connect with us


Tron holders planning to cut losses might be relieved to know this update



Tron holders planning to cut losses might be relieved to know this update
Source: StockAI

  • Justin Sun announced an agreement with FTX that would allow TRX holders to swap their assets
  • In lieu of this, social engagements and mentions for Tron increased along with its weighted sentiment

On 10 November, Justin Sun, the founder of Tron [TRX], announced that Tron would soon reach a special agreement with FTX that would allow TRX users to swap assets from FTX to external wallets.

Read Tron’s price prediction 2022-2023

A helping hand

Along with TRX, users holding BTT, JST, SUN, and HT would be able to swap their assets as well. This announcement may have been the reason for the recent growth of Tron on the social front.

According to LunarCrush, a social media analytics firm, Tron’s social mentions increased by 180.1%, and its social engagements appreciated by 135.2% in the last month.

Along with that, Tron‘s weighted sentiment witnessed an uptick in the past few days, implying that the crypto community had a more positive outlook.

Well, this change of heart towards Tron could be attributed to Justin Sun’s recent move.

Source: Santiment

Furthermore, from the image provided below, it can be seen that TRX’s volume observed a massive surge over the last few days. 

Tron’s volume grew from 336 million all the way to 1.2 billion in the last week. However, its development activity continued to decline over the past few days.

This decline in activity should be something that investors keep in mind before making any trades. Not to forget, a decline in development activity suggests that the contributions being made by Tron’s developers to their GitHub had decreased over the past week.

This could imply that there may be no upgrades or updates coming to Tron’s network any time soon.

Source: Santiment

TRX dApps: A saving grace?

On the other hand, Tron’s dApps also observed positive growth over the last week. According to DappRadar, many popular dApps on the Tron network, such as JustLend and Bitkeep Swap, witnessed improvements in terms of unique active users.

At the time of press, both JustLend and Bitkeep Swap observed an uptick of 23% and 43% respectively in terms of unique active users.

However, despite the success of Tron’s dApps, Tron’s performance in the DeFi space continued to decline.

As can be seen from the image below, Tron’s TVL declined in the last month. At press time, the total value locked by Tron was 4.64 billion and it had appreciated by 2.42% in the last 24 hours.

Source: DefiLlama

Despite Tron’s declining TVL, its price action remained positive. At the time of writing, the altcoin was trading at $0.0575 and its price had appreciated by 2.02% in the last 24 hours, according to CoinMarketCap.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

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.