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TRON registers an increase in user count, but here’s food for thought

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TRON registers an increase in user count, but here's food for thought
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  • Justin Sun confirmed that BNB will launch on TRON and also shared plans to introduce zkEVM.
  • TRON has burned 16 billion TRX tokens, but its price is yet to respond. 

TRON [TRX] has maintained its position as the blockchain with the most daily active users. The network has been surpassing even the big players, including Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB], which have considerably higher market capitalization. 

Source: Token Terminal

Read TRON’s [TRX] Price Prediction 2023-24

Factors that can propel further growth

A few developments happened in the last few days that had the potential to propel further growth in terms of the number of users on the TRON network.

For instance, Justin Sun confirmed the launch of BNB on TRON. Sun made the confirmation while responding to a TRON Community’s tweet. 

Furthermore, another major announcement was also made by Sun on 5 April 2023. As per his latest tweet, TRON and Bittorrent were looking for ways to bring zkEVM into the ecosystem.

Additionally, he stated that any integration plans are still in the exploratory stage and that there is no assurance they will be put into action.

New TRON Stake 2.0 update!

Meanwhile, a new development took place regarding TRON Stake 2.0 as Luganodes voted yes for TRON’s proposal No. 84.

The proposal aims to improve the flexibility and efficiency of the network resources and voting management by introducing Stake 2.0. If the proposal gets passed, it can further help TRON increase its network value, which has already been on the rise since the beginning of 2023. 

TRON burn reaches a new milestone

While TRON’s ecosystem continues to grow, the network has also remained consistent with its token burn rate. As per TRON DAO’s latest tweet, the network has burned more than 16 billion TRX tokens to date. 

This was a major achievement considering the token’s deflationary characteristics. However, the increased burn didn’t have a substantial positive impact on the token price. At the time of writing, it was trading at $0.06655 with a market capitalization of over $6 billion. 

Is your portfolio green? Check the TRON Profit Calculator   

Will TRX benefit from the current bullish market?

A look at TRX’s on-chain performance gave a better understanding of what to expect from the token in the near term. The token remained in demand in the futures market, which was evident from its green Binance funding rate.

Positive sentiments around TRX were also high, thanks to its recent achievements. TRX’s development activity was looking upwards, which was, by and large, a positive signal.

Source: Santiment

However, investors seemed to be uncertain about TRX’s possible price movement, which was evident from LunarCrush’s data.

As per the chart, TRX’s bullish and bearish sentiments both registered massive declines over the last seven days, reflecting confusion in the market around TRX. 

Source: LunarCrush

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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