- The total number of accounts on the Tron network exceeded 160 million.
- Market indicators revealed what went in TRX’s favor, driving up its prices.
Tron [TRX] outperformed other networks and has moved up the ladder on TVL’s list of top cryptos. According to the latest tweet from Tron Community, Tron was only second to Ethereum [ETH]by beating other big players like BNB Chain [BNB]polygon [MATIC]and arbitration [ARB].
#TRON has secured second position in terms of Total Value Locked (TVL), surpassed #BSC, #arbitrumAnd #Polygonand is alone behind #Ethereum 💪 pic.twitter.com/JDxIO6d9oB
— TRON Community (@TronixTrx) May 16, 2023
Read from Tron [TRX] Price prediction 2023-24
Tron Adoption Hits New Milestone
Aside from this, Tron also continued to make leaps and bounds in terms of adoption. TRONSCAN’s tweet revealed that the total number of accounts on the Tron network exceeded 160 million. This looked quite encouraging as it reflected the increased use of the blockchain.
🎉🎉🎉 Congratulations!!! #TRON‘s total accounts have reached 160,165,659, more than 160 million! #TRON ecosystem has developed rapidly and continues its efforts to decentralize the web.
🥰 Appreciation for everyone #TRONICS! pic.twitter.com/QdIvNvsIOr
— TRONSCAN (@TRONSCAN_ORG) May 16, 2023
Despite these achievements, TRON witnessed a massive downward trend in its staking ecosystem. from TRONSACAN facts revealed that TRX total stakes fell sharply on May 13. At the time of writing, it had a stake ratio of 47.58%.
Source: TRONSCAN
TRX has seen better days
While bearish sentiment dominated the crypto market last week, TRXhis performance was fair. According to CoinMarketCapthe price of TRX is up more than 2% in the past seven days.
aAt the time of writing, TRX was trading at $0.07088 with a market cap of over $6.4 billion.
A look at TRX’s daily chart sheds light on what happened last week.
TRXThe Exponential Moving Average (EMA) ribbon revealed that the bulls led the market as the 20-day EMA rested above the 55-day EMA. The Relative Strength Index (RSI) and Money Flow Index (MFI) also rose last week, benefiting buyers.
Source: TradingView
Interestingly, things could be even better as the MACD showed a bullish crossover on May 16. Nevertheless, the Chaikin Money Flow (CMF) registered a slight decline, as did the MFI, which could cause problems in the near term.
Which direction is the wind blowing from?
Positive sentiment increased thanks to TRX’s performance over the past week. This was evidenced by the improvement in weighted sentiment.
Not only that, but Tron’s social volume also increased slightly last week, reflecting its increased popularity in the crypto space.
Source: Sentiment
How many Worth 1,10,100 TRX’s today
It was also interesting to see that, despite multiple reds throughout the week, TRXBinance’s demand in the derivatives market finally picked up, as suggested by the Binance funding rate.
In addition, TRX open interest has also risen slightly in recent weeks. This suggested that the current price trend could continue for some time.
Source: Coinglass
