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Tron network leaves Binance behind: Will TRX gain as well?

2min Read

Tron exhibited stronger performance than BNB in terms of activity observed on the network.

Tron network leaves Binance behind: Will TRX gain as well?

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  • Tron outperformed BNB in terms of network activity.
  • Both BNB and TRX witnessed consistent activity in social volume.

Tron [TRX] recently outperformed Binance Smart Chain in terms of activity over the last few weeks. The former had surpassed BSC at press time, sitting at 1.8 million Daily Active Addresses.

On the other hand, Binance Smart Chain’s number stood at 1.6 million.

Increased activity on the Tron network indicates growing user engagement and adoption, which can enhance the platform’s overall ecosystem vitality.

This can bolster confidence among users and stakeholders, further fueling the adoption and usage of Tron’s blockchain infrastructure.

Tron activity

Source: Artemis

Still no impact on price

Despite the surge in activity on the network, TRX’s price movement did not see much growth. Over the past week, the price of TRX had fallen by 4.14%. At press time, TRX was trading at $0.132.

This suggested that the asset was approaching oversold conditions, indicating that selling pressure may have been excessive and could potentially lead to a reversal in the downtrend.

Moreover, Tron’s CMF had grown to 0.11 during this period. A rising CMF indicates an increase in buying pressure relative to selling pressure.

Thus, at press time, there seemed to be an increased interest and demand for TRX, potentially signaling a bullish trend in the short term.

Source: TradingView

While TRX struggled to gain traction, BNB experienced significant growth, with its price surging by 8% in the last 24 hours. As of the latest update, BNB was trading at $574.22.

Its On-Balance Volume (OBV) has shown a substantial increase in recent days, suggesting strong buying pressure and potentially signaling further bullish momentum for BNB in the near term.

However, the Relative Strength Index (RSI) for BNB stood at 78.82, indicating that the asset may be overbought at press time. Thus, traders may be cautious.

Source: TradingView


How much areĀ 1,10,100 TRXs worth today?


On the social front

In terms of social activity, the social volume for both BNB and TRX had remained consistent over the last few days.

However, sentiments had fallen, implying negative perspectives on the social front for both tokens.

Source: Santiment

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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