- Tron’s active addresses and transactions have gained upward momentum since 22 October.
- TRX’s daily price action was stagnant while its open interest dropped.
Tron [TRX] has shown some praiseworthy performances in the last few months, especially in the DeFi space. The blockchain’s TVL gained upward momentum for quite some time and is showing no signs of stopping. While Tron’s TVL rose, its price action turned somewhat neutral over the last 24 hours.
Read Tron’s [TRX] Price Prediction 2023-24
Tron network continues to grow
TRONSCAN recently posted a tweet revealing that the blockchain’s TVL hit a new high. As per the tweet, TRX’s TVL reached $18,022,855,311 on 24 October 2023.
While several blockchains suffered in this space, TRX was outperforming others with consistent growth.
?Total Value Locked(#TVL) in #TRON #DeFi reached $18,022,855,311 on Oct 24! Another new record! ? ??? pic.twitter.com/eC8lNg2bWf
— TRONSCAN (@TRONSCAN_ORG) October 25, 2023
The blockchain also registered growth in Network Activity. This was evident from Artemis’ data, which revealed that after a dip, TRX’s daily active addresses gained upward momentum since 22 October 2023.
The blockchain’s daily transactions also followed a similar growth trend. As per TRONSCAN’s data, at the time of writing, TRX’s total accounts reached 192 million, while total transactions surpassed 6.6 billion.
Apart from network activity, the blockchain’s captured value also increased over the last few weeks. Tron’s fees and revenue started to move up, which also looked optimistic for the blockchain and suggested increased adoption and usage.
Source: Artemis
While the aforementioned spaces grew, TRX’s staking ecosystem remained somewhat stagnant. Both TRX’s Staking 1.0 and 2.0 had a total of 35 billion and 10 billion staked TRX, respectively.
As per Staking Rewards, TRX’s total staking wallets declined marginally and dropped to 370 thousand. At press time, TRX had a staking ratio of 46.13% and a staking market capitalization of $3.38 billion.
Source: Staking Rewards
TRX price moves sideways
While most cryptos registered massive gains in the last 24 hours because of the bullish market, TRX acted differently. This was evident from the fact that TRX’s price only moved marginally over the last day.
Realistic or not, here’s TRX’s market cap in BTC terms
At the time of writing, TRX was trading at $0.09348 with a market capitalization of over $8.3 billion. Tron’s trading volume fell during the last day, reflecting a lower willingness of investors to trade the token.
A look at Coinglass’ data revealed a factor that might have caused TRX’s price uptrend to halt. As per the data, Tron’s Open Interest dropped while its price increased. When such incidents happen, they generally suggest a trend reversal.
Source: Coinglass
