Altcoin
Tron [TRX] beats its peers to the punch with these new milestones, details here
Apart from TVL growth, Tron adoption also increased as the total number of addresses surpassed 16 million. TRX’s performance was also decent last week.
- The total accounts on the Tron network exceeded 160 million.
- Market indicators revealed what went in TRX favor, causing it to propel its prices.
Tron [TRX] outperformed other networks and has climbed up the ladder on the list of the top cryptos by TVL. As per Tron Community’s latest tweet, Tron was only second to Ethereum [ETH], beating other major players like BNB Chain [BNB], Polygon [MATIC], and Arbitrum [ARB].
#TRON has secured the second position in terms of Total Value Locked (TVL), surpassing #BSC, #Arbitrum, and #Polygon, and is only behind #Ethereum ? pic.twitter.com/JDxIO6d9oB
— TRON Community (@TronixTrx) May 16, 2023
Read Tron’s [TRX] Price Prediction 2023-24
Tron adoption hits new milestone
Apart from this, Tron also continued to make leaps in terms of adoption. TRONSCAN’s tweet revealed that the number of total accounts on the Tron network exceeded 160 million. This looked quite encouraging, as it reflected increased usage on the blockchain.
???Congratulations!!! #TRON's total accounts have reached 160,165,659, exceeding 160 million! #TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
?Appreciation to all #TRONICS! pic.twitter.com/QdIvNvsIOr
— TRONSCAN (@TRONSCAN_ORG) May 16, 2023
Despite these achievements, TRON witnessed a massive downtrend in its staking ecosystem. TRONSACAN’s data revealed that the total TRX staked went down sharply on 13 May. At press time, it had a staking ratio of 47.58%.
Source: TRONSCAN
TRX has seen better days
Though bearish sentiment dominated the crypto market last week, TRX’s performance was decent. According to CoinMarketCap, TRX’s price increased by more than 2% in the last seven days.
At the time of writing, TRX was trading at $0.07088 with a market capitalization of over $6.4 billion.
A look at TRX’s daily chart sheds light on what happened last week.
TRX’s Exponential Moving Average (EMA) Ribbon revealed that the bulls were ahead in the market as the 20-day EMA was resting above the 55-day EMA. The Relative Strength Index (RSI) and Money Flow Index (MFI) also moved upwards last week, which was a development in the buyers’ favor.
Source: TradingView
Interestingly, things can get even better, as the MACD displayed a bullish crossover on 16 May. Nonetheless, the Chaikin Money Flow (CMF) registered a slight downtick, as has the MFI, which could cause trouble in the near term.
Which way is the wind blowing?
Thanks to TRX’s performance over the last week, positive sentiment increased. This was evident from the improvement in its weighted sentiment.
Not only that, but Tron’s social volume also increased slightly last week, reflecting its increased popularity in the crypto space.
Source: Santiment
How much are 1,10,100 TRXs worth today
It was also interesting to see that, despite multiple reds through the week, TRX’s demand in the derivatives market finally increased, as suggested by the Binance funding rate.
Additionally, TRX’s open interest rose marginally over the last few weeks as well. This suggested that the current price trend might continue for some time.
Source: Coinglass
