Connect with us
Active Currencies 14795
Market Cap $2,487,037,106,341.80
Bitcoin Share 51.50%
24h Market Cap Change $1.71

Tron [TRX] finds impetus thanks to stablecoin transfers in this way

2min Read

Share this article

  • TRON had 50% more circulating stablecoins than Ethereum
  • TRX’s Open Interest formed a bearish divergence which could lead to a pullback

Amidst all the chaos in the crypto-markets following the collapse of crypto-friendly banks, Tron [TRX]’s ecosystem shared its latest weekly report. In doing so, it provided updates on some of its key performance indicators (KPIs).

The report highlighted that the total number of transactions recorded over the past week hit 46.6 million. This, while the number of new accounts added to the network went past 1 million.

On the other hand, the total value locked on the chain’s smart contracts regained its $11 billion-mark after dipping to $9.3 billion. This was when news of USDC’s de-pegging first broke out.

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

USDT transfers helped Tron?

The uptick in trading activity could have been powered by stablecoin transfers as Tron registered a significant jump in its stablecoin circulating supply. In fact, a tweet shared by an analyst revealed that due to the market shake-up, TRON had 50% more stablecoins than Ethereum [ETH]. While ETH’s marketcap declined, TRON recorded the highest weekly growth, more than 6% among top blockchains.

Here, it’s worth noting that the supply of Tether [USDT] went past 40 billion and enjoyed a dominance of 93.69% in the overall Tron’s stablecoin market cap.

Additionally, the total value on chain increased by 10% over the last four days, of which USDT was the token with the highest value.

TRX in trouble?

Things didn’t look too good for TRX, however, at the time of writing. The Open Interest (OI) formed a bearish divergence vis-à-vis the price, indicating that market was weakening and there could be a pullback. The drop in OI could be due to short-sellers covering their positions and exiting the market. These would be the same entities who jumped on to the scene anticipating a major collapse across the market.

Source: Coinalyze

Additionally, investors turned pessimistic on TRX as the number of short positions taken for the coin exceeded the longs, as per data from Coinglass. The Longs/Shorts Ratio declined by 26% over the past week too.

At press time, TRX was exchanging hands at $0.0667, down 1.74% over a 24-hr period. Much of its losses over the week had been cut down by its price performance over the last 12 hours or so.

Source: Coinglass

Is your portfolio green? Check the TRON Profit Calculator

Meanwhile, as per data from Tronscan, about 19.39 million tokens were moved out of circulation in the last 24 hours – Representing a hike of 31% from the previous day.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.