Checking Tron’s network health as it nears a key milestone
- Tron’s revenue gained upward momentum over the past several months.
- TRX’s price moved marginally last week, and market indicators remained bearish.
Tron [TRX] has comfortably sat in the top spot on the list of blockchain’s daily active users. The blockchain also reached a new milestone, clearly reflecting its high adoption rate and usage.
But will these achievements help spur Tron’s overall health?
Tron has accomplished its target
Tron has comfortably been sitting in the top spot on the list of cryptos by daily active users for many months. AMBCrypto found that TRX’s daily active users stood at 1.6 million.
Just for comparison, BNB Chain [BNB] and Bitcoin [BTC], which were just behind Tron, had 968,000 and 617,000 daily active users, respectively.
Source: Token Terminal
While TRX maintained its top spot on the above-mentioned list, it was also quick to reach a new milestone. As reported earlier by AMBCrypto, TRX was on the verge of touching a total of 200 million addresses.
The goal was now even closer than ever before, as at press time, TRX’s total accounts crossed the 199.6 million mark.
All over the world, #TRONICS are making their mark. 🫡
We’re almost at the 200M account milestone! Keep an eye out — we’re nearly there.
Want to see it happen live? Check it out here 👉https://t.co/yzkf7Z6kl6 pic.twitter.com/EYk1PFvQqp
— TRON DAO (@trondao) December 5, 2023
The blockchain’s performance in the DeFi space also looked commendable. This seems to be the case, as its TVL was about to touch the $20 million mark.
The top projects that contributed to this growth include JustLend DAO, TRX Staking Governance, and Just Cryptos. Apart from that, Staked USDT and JustStable also made it to the top 5 on the same list.
🔥Total Value Locked(#TVL) in #TRON #DeFi Ecosystem exceeded $19.7 Billion & all keeps growing today! pic.twitter.com/4OXcjjzE9W
— TRONSCAN (@TRONSCAN_ORG) December 5, 2023
Since these metrics looked optimistic, AMBCrypto then checked the blockchain’s network activity over the past month. As per our findings, TRX’s Daily Active Addresses remained relatively stable throughout the last 30 days.
A similar trend was also visible on its daily transactions chart.
Source: Artemis
Tron’s revenue has been on the rise!
While the blockchain’s network activity increased, its captured value also gained upward momentum. As per the latest data, Tron’s revenue has increased by nearly 700% from the lows in 2021.
#TRON‘s price may have been in a bear market since 2021 but its protocol revenue has increased by nearly 700% from the lows in 2021. Fundamentally, #TRX is one of the strongest coins and one of the only chains that is consistently in net deflation. @justinsuntron @trondao pic.twitter.com/9znPEhRFQ2
— Intuit Φ (@Intuit_Trading) December 4, 2023
Not only did this mean more profits for the blockchain, but it also reflected how its usage and adoption have increased over the last few years.
AMBCrypto’s look at Artemis’ data also revealed that its captured value remained stable in the last 30 days. This was evident from its relatively consistent fees and revenue graphs.
Source: Artemis
A look at TRX’s other spaces
While assessing the health of Tron, it’s important to look at its other spaces too. To begin with, let’s check how TRX has been doing in its staking ecosystem.
As per TRONSCAN’s data, the total number of TRX staked both on Stake 1.0 and 2.0 remained stable last month.
But the good news was that Stake 2.0’s share registered an increase, which might have been because of the benefits the new staking mechanism provides to stakers.
Source: TRONSCAN
As per Stakingreward, at the time of writing, TRX had a staking ratio of slightly more than 50% with a total number of 388k staking wallets. The blockchain had a staking market capitalization of over $4.6 billion.
AMBCrypoto then took a look at Tron’s state in the NFT space and found that it too registered growth last week. As per the graphs, TRX’s Total NFT Trades Count spiked in the recent past.
A similar trend was also seen in terms of its Total NFT Trades Volume In USD.
Source: Santiment
However, it was surprising to see that despite growth in multiple avenues, the blockchain’s performance on the social front dropped over the last seven days. As per Santiment, TRX’s Social Volume plummeted sharply last week.
Not only that, but the negative sentiment around it was also high, as evident from its low Weighted Sentiment graph.
Source: Santiment
Tron investors are not content
Like its social metrics, the token’s price action also failed to impress investors over the last week. According to CoinMarketCap, TRX was only up by 0.28% in the past seven days.
At the time of writing, it was trading at $0.1033 with a market cap of over $9 billion, making it the 11th largest crypto. AMBCrypto also took a look at its daily chart to better understand what to expect from the token over the days to follow.
Read Tron’s [TRX] Price Prediction 2023-24
TRX’s Bollinger bands revealed that its price entered a lower volatility zone. The Relative Strength Index (RSI) also took a sideways path just above the neutral mark, suggesting that investors could expect a few more slow-moving days.
Nonetheless, the Chaikin Money Flow (CMF) remained hopeful as it registered a slight uptick.
Source: TradingView
