What a major approval means for Tron, TRX investors
- Tron’s social engagement and mentions dropped over the last seven days
- TRX’s price was slow-moving, and the trend might continue
Tron [TRX] recently shared its weekly report, highlighting the developments that happened in its ecosystem. Among them, the most notable update was related to a newly passed proposal. While the proposal was being passed, TRX’s price action remained dormant, however, as it failed to move up over the last seven days. Not only that, but the token’s performance on the social front was also not at par.
How much are 1,10,100 TRXs worth today
Tron approves new committee proposal
Tron’s weekly roundup report pointed out that the blockchain approved its committee proposal 89. The proposal was aimed at activating the PUSH0 instruction in the TRON virtual machine (TVM). For starters, it was suggested to implement and enable the PUSH0 instruction in TVM in order to keep it compatible with Ethereum Virtual Machine (EVM) and to share the same advantages with TRON developers and users.
?Check out #TRON Highlights from this week (Aug 05, 2023 – Aug 11, 2023).
— TRON DAO (@trondao) August 12, 2023
Mentioning the changes, the PUSH0 instruction in TVM brings both technical and economic benefits. A few of the advantages of the update include a reduction in contract code size, a reduction in the risk of contracts using various instructions as an optimization measure, etc.
However, the approval did not receive much traction in the crypto-community as TRX’s social metrics dropped last week. LunarCrush’s chart revealed that while TRX’s social engagement dropped by 48%, its social mentions also sank by 30%. On top of that, investors’ confidence in TRX was also low, as its bullish sentiments declined by more than 24%.
Not a lot of volatility?
Not only was Tron’s performance on the social front not at par, but its price action also remained less volatile last week.
According to CoinMarketCap, TRX’s price has moved by less than 1% over the last seven days. At press time, it was trading at $0.07732 with a market capitalization of more than $6.9 billion, making it the 10th largest crypto by market cap. The sluggish price action caused the token’s 1-week price volatility to remain low through the week.
Investors’ interest in trading the token also dropped, as is evident from the slight decline in its trading volume over the last few days. However, thanks to the efforts made by developers, the blockchain’s development activity remained high, which by and large is a positive sign.
Read Tron’s [TRX] Price Prediction 2023-24
If derivatives metrics are to be believed, Tron’s price action might remain underwhelming. Coinglass’ chart revealed that TRX’s open interest remained stable too.
Additionally, its OI-weighted funding rate was also found to be green. This suggested that investors have been buying TRX at its current price in the Futures market, increasing the chances of TRX continuing its prevailing price trend.