Will Tron maintain its bullish streak in Q3?
- TRX’s burn rate remained high during Q2 2023.
- TRX’s price remained bullish, and market indicators were in buyers’ favor.
Like most cryptos, Tron [TRX] had its ups and downs during the second quarter of 2023. Messari’s latest report on TRX’s Q2 highlighted multiple points that revealed its performance. Though TRX’s price action was sluggish at the start, it experienced high volatility towards the end of the quarter.
Read Tron’s [TRX] Price Prediction 2023-24
Decoding Tron’s Q2 performance
To begin with, Messari’s report highlighted that Tron’s daily average active accounts increased by 14% last quarter. This clearly suggests higher adoption. Additionally, the number of new accounts and transactions shot up by 13.4%, and 28.9%, respectively.
Moreover, the number of daily activated (new) accounts reversed course and rose by 13.4% QoQ. The average number of new accounts activated each day climbed to its highest level in over a year.
Apart from network stats, the blockchain also launched new features and partnerships that helped add much more value to the network as a whole. For instance, Tron expanded its reach by connecting with the Ethereum network with the launch of the BitTorrent bridge.
TRX became completely available within the Ethereum ecosystem thanks to the BitTorrent bridge.
Efforts were also made to improve the blockchain’s staking ecosystem with the launch of Stake 2.0 in Q2. For starters, Stake 2.0 is a new staking model that enhances staking and resource management, streamlines resource allocation, and enables flexible unstaking options.
Tron’s revenue also increased in Q2, which was commendable. In a market that was otherwise flat to down, TRX’s revenue translated into a sizable number of TRX burned. A major reason for TRX’s price being relatively higher in Q2 could be its robust burn rate.
A quick look at Tron in Q3
While blockchain usage increased in the last quarter, Q3 did not begin on a similar note. As per Artemis’ data, TRX’s daily active addresses and daily transactions declined over the last 30 days.
Interestingly, TRX recently decoupled from the market as its price kept increasing while several cryptos bled. According to CoinMarketCap, TRX was up by over 3% in the last seven days.
At press time, it was trading at $0.08361, with a market capitalization of over $7.4 billion. Thanks to the positive price action, TRX’s social dominance spiked and its weighted sentiment improved.
How much are 1,10,100 TRXs worth today?
Investors had more reason to rejoice as its daily chart looked pretty bullish. The 20-day Exponential Moving Average (EMA) was above the 55-day EMA.
TRX’s Relative Strength Index (RSI) was also moving up, increasing the chances of a continued uptrend. Nonetheless, its Chaikin Money Flow (CMF) remained bearish as it registered a decline.