- Tron’s active addresses and transactions have accelerated since October 22.
- TRX’s daily price action stagnated while open interest fell.
Tron [TRX] has shown some commendable performance in recent months, especially in the DeFi space. Blockchain’s TVL has been on the rise for quite some time and shows no signs of stopping. While Tron’s TVL rose, the price action turned somewhat neutral over the past 24 hours.
Read Trons [TRX] Price prediction 2023-24
The Tron network continues to grow
TRONSCAN recently posted a tweet showing that the blockchain’s TVL reached a new high. According to the tweet, TRX’s TVL reached $18,022,855,311 on October 24, 2023.
While several blockchains suffered in this area, TRX outperformed others with consistent growth.
🚀Total value locked(#TVL) in #TRON #DeFi reached $18,022,855,311 on October 24! Another new record! 💪 📈📈📈 pic.twitter.com/eC8lNg2bWf
— TRONSCAN (@TRONSCAN_ORG) October 25, 2023
TThe blockchain also recorded growth in network activity. This was evident from Artemis data, which showed that after a dip TRX‘s daily active addresses have gained momentum since October 22, 2023.
The blockchain’s daily transactions also followed a similar growth trend. According to TRONSCAN’s factsAt the time of writing, TRX’s total accounts reached 192 million, while the total number of transactions exceeded 6.6 billion.
In addition to the network activity, the value of the blockchain has also increased in recent weeks. Tron’s fees and revenue began to increase, which also looked optimistic for the blockchain and suggested greater adoption and use.
Source: Artemis
While the aforementioned spaces grew, TRX’s staking ecosystem remained somewhat stagnant. Both TRX’s Staking 1.0 and 2.0 had a total of 35 billion and 10 billion TRX staked respectively.
From Set up rewardsTRX’s total betting portfolios declined marginally, falling to 370 thousand. At the time of writing, TRX had a stake ratio of 46.13% and a market cap of $3.38 billion.
Source: Staking Rewards
TRX price moves sideways
While most cryptos made huge gains in the last 24 hours due to the bullish market, TRX acted differently. This was evident from the fact that the price of TRX moved only marginally over the past day.
Realistic or not, here it is The market cap of TRX in BTC conditions
At the time of writing, TRX was trade at $0.09348 with a market cap of over $8.3 billion. Tron’s trading volume fell over the past day, reflecting lower investor willingness to trade the token.
A look at Coinglass’s data revealed a factor that could have caused this TRX‘s price upward trend stops. According to the data, Tron’s Open Interest fell while its price rose. When such incidents occur, they generally indicate a trend reversal.
Source: Coinglass
