Journalist
Posted:
- Tron comfortably averages over 4.8 million daily transactions.
- Evaluating TRX’s prospects in the short-term and long term.
After months of keeping up with Tron’s impressive growth, it is now clear that it is one of the fastest growing blockchain networks. But just how impressive is the network’s current state of operations?
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Tron has achieved impressive transaction count growth in six years since its inception. According to a recent Nansen report, the network has been averaging over 4.8 million transactions every day. This is a testament to the fast-paced growth that it has achieved within such a relatively short period of time.
According to recent data from @nansen_ai, TRON is processing around 4.8M daily transactions! 🔥
We’re glad to see so many people using this network and we’re looking forward to increasing that number. 🚀
Take a look at more data here: https://t.co/weWHfWXz2k pic.twitter.com/z47TpyIRpQ
— TRON DAO (@trondao) September 12, 2023
Note that the Tron network is achieving these daily transactions during a relatively slow phase in the market. This suggested that we could see a substantially higher transaction count during the bull market. It is also a healthy indicator of the impressive level of adoption that the network has achieved over time.
Tron owes this growth to its pursuit of utility and mostly to the growing demand for affordable and reliable stablecoin transactions. The stablecoin marketcap has been growing aggressively in 2023, reaching a peak of over $45 billion between May and June. Daily transactions peaked at over 13 million TXs at around the same period.
Source: DeFiLlama
The slight decline in stablecoin marketcap and daily transaction count was a reflection of the slower market conditions that have prevailed since June. This slowdown has been evident across the board. However, Tron has maintained its commitment to growth and that was evident in its latest effort to onboard more utility and development through TronGrid.
Let’s take a look at TronGrid, a full-featured API service that provides developers with easy access to the TRON #blockchain. 🚀
TronGrid allows developers to interact with the TRON network, retrieve blockchain data, and integrate TRON’s features into your #DApps and projects!… pic.twitter.com/Y8NWZejAvv
— TRON DAO (@trondao) September 12, 2023
What does the future hold for TRX?
Tron’s rapid growth over the last few years especially in 2023 underscores more potential organic demand for the TRX cryptocurrency. It is thus no surprise that the cryptocurrency maintained an overall uptrend since November last year. It exchanged hands at $0.08 at press time.
How many are 1,10,100 TRXs worth today
As far as on-chain findings were concerned, TRX’s on-chain volume just registered its second-highest volume spike in the last four weeks. Development activity also spiked in the last two days which should in theory contribute to more investor confidence.
Source: Santiment
However, the weighted sentiment metric was still at its lowest monthly level, indicating that the current sentiment might be bearish. While this might be the case, TRX has so far managed to maintain a bullish bias in the short term. The low-weighted sentiment could indicate that short-term sell pressure might be imminent.
