- TRX’s daily active addresses and transactions fell while TVL rose.
- The price of TRX has fallen over the past week and a few stats have looked bearish.
Tron [TRX] recently posted a tweet discussing all of the notable developments in the ecosystem in the week ending July 14. The network also reached another milestone during the same period. However, despite these positives, TRX’s price action was not comparable given that the last bull market allowed multiple coins to register double-digit growth. Apart from the price, the blockchain has also failed to increase network activity in recent weeks.
Read from Tron [TRX] Price prediction 2023-24
Tron’s latest
According to Tron Dao’s latest tweet, one of the most notable developments of the week ending July 14 was Bittrex Global’s support for six Tron-based tokens. The newly supported tokens are USDD, BTT, NFT, WIN, SUN, and JST. The tweet also revealed that Tron became TOKEN2049’s title partner.
Another important development had to do with Tether. According to the tweet, Tether has spent an additional 1 billion USDT on the network, increasing the total circulating supply of TRC20-USDT to more than 44 billion. While this was happening, the Tron network reached another milestone.
Watch out #TRON This Week’s Highlights (July 8, 2023 – July 14, 2023).
We will keep you informed of the most important news about #TRON And #TRON #Ecosystem. So stay tuned, #TRONICS! pic.twitter.com/puBjEsPLjp
— TRONDAO (@trondao) July 15, 2023
from TRONSCAN tweet further pointed out that the average daily stablecoin transfer volume on the Tron network exceeded $10 billion, which was encouraging. While these updates looked promising, things didn’t reflect on the blockchain’s network activity.
Artemis’ facts revealed that Tron‘s daily active addresses have decreased in recent weeks. A similar trend was also seen in terms of the network’s daily transactions. Nevertheless, Tron’s network value increased, as evidenced by TVL’s rise. Moreover, the token’s DEX volume also gained upward momentum.
Source: Artemis
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Tron fails to impress investors
Like Tron’s network activity, the token’s price also failed to gain momentum last week despite the bullish market. While several cryptos registered double-digit growth, the price of TRX fell more than 1% in the past seven days. At the time of writing, it was trade at $0.07945 with a market cap of over $7.1 billion, making it the 11th largest cryptocurrency.
For most of the week, TRX demand in the derivatives market was low, evidenced by the low Binance funding rate. The positive sentiment around the token also plummeted in recent days. After rising, TRX registered a drop in trading volume, reflecting lower investor willingness to trend the token. To add to the misery, TRXThe 1-week price volatility moved up while the price fell slightly, increasing the likelihood of a sustained downtrend.
Source: Sentiment
