A new update for TRON might mean this for TRX
- The total number of transactions on Tron exceeded the 6 billion mark
- Market indicators were bullish on TRX, suggesting a price uptrend
Tron [TRX] still remained the leader in the market in terms of daily active addresses, followed by BNB Chain [BNB]. However, the metric registered a decline over the last few weeks. Despite the decline, another key metric reached a new milestone, which looked encouraging.
Read Tron’s [TRX] Price Prediction 2023-24
Tron adoption is shooting through the roof
Token Terminal’s data revealed that Tron’s number of daily active addresses declined slightly over the last few weeks. However, it was interesting to note that despite the decline, total transactions on Tron surpassed 6 billion in the recent past.
Additionally, the latest development to take place in the blockchain’s ecosystem can further boost blockchain adoption and increase its declining active users. The blockchain recently announced that Arkham, the leading blockchain intelligence platform, launched support for the TRON blockchain.
Arkham’s support for the TRON blockchain will enable traders and researchers to track the entities on TRON using Arkham’s AI-powered analytics engine. As per the official announcement, Tron is the world’s leading blockchain by number of daily active addresses.
The Tron-Arkham partnership thus represented a major step forward in Arkham’s coverage of global blockchain activity. A spokesperson of Tron said,
“Arkham’s cutting-edge analytics engine will bring a new level of understanding to the TRON blockchain, allowing traders and researchers to map out the entities within our network.”
Thanks to the latest integration, TRX’s development activity increased substantially over the last day. Moreover, TRX’s social volume also remained pretty stable, reflecting its popularity in the crypto space.
Some sideways action here…
While the blockchain’s usage was on the rise, its native token’s price chose to follow a sideways path. As per CoinMarketCap, TRX’s price only moved up by over 1% in the last seven days. At the time of writing, TRX was trading at $0.07455 with a market capitalization of over $6 billion, making it the 10th largest crypto.
Realistic or not, here’s TRX market cap in BTC‘s terms
If TRX’s market indicators were to be believed, the token’s price might soon witness increased volatility. For instance, TRX’s Relative Strength Index (RSI) registered an uptick and was headed further above the neutral mark.
Tron’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) also followed the same path as they went up. Additionally, the Moving Average Convergence Divergence (MACD) displayed that the bulls were leading the market. This might soon reflect on TRX’s price chart.