Tron network defies odds amid persistent market downturn

News

According to crypto analytics firms CryptoQuant and Into the Block, the number of active Tron addresses has steadily increased since the beginning of this year. Data from CryptoQuant revealed that Tron averaged over 2 million daily users despite market pressure and uncertainty. 

Also read: Tron price prediction 2024–2030: Will Tron reach $10?

CryptoQuant analyst Ben Sizelove attributed Tron’s user base growth to its multiple applications in real-world assets (RWAs), stablecoins, and payments. According to Sizelove, TRX exhibited better price stability than Ethereum and Bitcoin. Tron’s stability contrasts with the market’s volatility.

Tron network averages over 2 million daily active users

CryptoQuant’s statistics revealed that the number of daily Tron users was independent of Tron’s price. The data confirmed that the number of daily user engagements had steadily risen despite price fluctuations. CryptoQuant’s chart also revealed that the price of TRX had increased by 2.17% in the past six months and by 2.8% in the last 24 hours. 

Tron’s market cap increased by 1 billion US dollars in July, up from a market cap of 10.86 billion US dollars reported on July 1. CryptoQuant’s data confirmed that strong user engagement is behind the observed increase in transaction volumes.

The data further determined that Tron’s ability to maintain momentum reflected the growing popularity of its ecosystem. The increase in daily user activity had propelled Tron to “Layer 1 rankings.” 

Tron network outperforms other platforms

CryptoQuant expressed that the average daily active addresses metric was barely enough to show the increase in the native token’s value. Other key factors included the quality of applications built on the network, transaction volume, and the number of users.  

Into the Block revealed that Tron had over 400 million users. The crypto analytics company also discovered that over 130 million accounts had zero balance while over 200 million had some balance. 

According to Block’s charts, Tron network’s active addresses ratio had increased by 2.24%, its activity-to-fee ratio had gone up 465%, and the new adoption rate was 10.67%. The charts also revealed that the Tron network had recorded an average increase of small ($0-$100) and large ($1M —$10M) transaction accounts by 15.28% and 127.27%, respectively. 

Also read: BlackRock’s iShares Bitcoin Trust surpasses $20b in assets

Over a 7-day average, Into the Block’s data revealed that approximately 1.6B TRX worth $172.08 million were transacted daily.

The increase in daily active addresses suggests that more users interact with the Tron network by sending transactions, using applications, or participating in the network’s governance. Many observers consider this growth in user activity a positive sign for the network, indicating a healthy and active user base.

Cryptopolitan reporting by Collins J. Okoth

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply