- Tron reaches yet another milestone that speaks volumes about its adoption.
- TRX underperformed during the last bull run.
The throne [TRX] blockchain has been one of the more active networks this year. This was not only in terms of development, but also in terms of network adoption. As such, the network succeeded in achieving major transactional milestones.
A recent Tron Message Revealed that the network has maintained daily transactions of more than 10.2 million over the past three days. The timing of this announcement was also noteworthy due to the series of market events that have supported bullish activity in the crypto market. This included short liquidations and investor excitement due to spot ETF deposits.
Read Tron’s [TRX] price forecast 2023-24
All of those events created more trading activity that major networks like Tron have benefited from. In addition to the healthy number of transactions, the network also experienced positive growth in recent weeks, up to mid-June. As a reference point, Tron recorded the lowest daily active addresses in the past two months at 1.4 million addresses.
Source: Nansen
It recorded the highest number of daily active addresses at just over 3.7 million addresses. The number has since dropped to stay within the 2.6 million range. The number of daily transactions also increased YTD. The lowest figure recorded during this period was 5.78 million transactions, while the highest figure was 13.78 million.
Will the higher number of transactions drive demand for TRX?
Hypothetically, the more transactions on the Tron network, the higher the utility, the more demand. However, most of TRX’s price movement is driven by supply and demand forces within the market.
As such, the TRX cryptocurrency has seen some upside so far this week. Perhaps even more interesting was the fact that TRX bottomed out on June 10, a few days ahead of most of the other top cryptocurrencies.
TRX changed hands at $0.071 at press time, which was almost 11% higher than the month’s low so far. This performance was notably weaker compared to some of the top coins, including Bitcoin, which bounced by more than 20%.
Source: TradingView
TRX’s on-chain metrics matched the perceived low demand. For example, trading volume has improved slightly since mid-June, but remained around the lowest monthly level.
How much are 1,10,100 TRXs worth today
This meant a lack of significant excitement. It also reflected the slight increase in investor confidence that registered as a slight increase in the weighted sentiment metric.
Source: Sentiment
