TRX could step out of its bearish zone as Tron reaches this milestone
- Tron achieves yet another milestone that speaks volumes about its adoption.
- TRX underperformed during the latest bull run.
The Tron [TRX] blockchain has been one of the more active networks this year. This was not only in terms of development but also in terms of network adoption. As such, the network managed to achieve significant transaction milestones.
A recent Tron post revealed that the network maintained daily transactions above 10.2 million for the last three days. The timing of this announcement was also noteworthy because of the series of market events that have supported bullish activity across the crypto market. This included short liquidations and investor excitement due to spot ETF filings.
Read Tron’s [TRX] price prediction 2023-24
All those events fueled more trading activity that has benefited major networks like Tron. Apart from the healthy transaction count, the network also registered positive growth in the last few weeks, up until mid-June. As a point of reference, Tron recorded its lowest daily active addresses in the last two months at 1.4 million addresses.
It recorded the highest number of daily active addresses at slightly over 3.7 million addresses. The number has since dropped to stay in the 2.6 million range. The number of daily transactions was also on the rise on a YTD basis. The lowest figure recorded in this period was 5.78 million transactions while the highest was 13.78 million.
Will the higher transaction count fuel demand for TRX?
Hypothetically, the more transactions on the Tron network, the higher the utility, more demand. However, the bulk of TRX’s price movements are caused by supply and demand forces within the market.
As such, the TRX cryptocurrency did see some upside so far this week. Perhaps more interesting was the fact that TRX bottomed out on 10 June, a few days before most of the other top cryptocurrencies.
TRX exchanged hands at $0.071 at press time, which was almost an 11% bounce from its lowest month-to-date level. This performance was notably weaker compared to some of the top coins including Bitcoin which bounced by over 20%.
TRX’s on-chain metrics aligned with the observed low demand. For example, trading volume improved slightly since mid-June but remained near the lowest monthly level.
How much are 1,10,100 TRXs worth today
This signified a lack of significant excitement. It also reflected the slight investor confidence boost that registered as a slight uptick in the weighted sentiment metric.