Tron [TRX] releases its weekly update, here’s everything you need to know

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  • Tron achieves yet anoth­er week of robust net­work growth.
  • TRX remains pegged to the rest of the mar­ket with an unen­thu­si­as­tic performance.

Tron has been mak­ing head­lines as one of the blockchain net­works cur­rent­ly on a strong growth tra­jec­to­ry. The net­work just released its lat­est week­ly report val­i­dat­ing the pos­i­tive growth tra­jec­to­ry. Here’s what you need to know about the report.


Read Tron’s [TRX] Price Pre­dic­tion 2023–2024


Accord­ing to the week­ly update, Tron’s main­net accounts increased to about 125.1 mil­lion after adding rough­ly 1.8 mil­lion new accounts. Net­work trans­ac­tions on the Tron net­work grew to 4.33 bil­lion after a week­ly gain of 46.61 mil­lion new transactions.

The report revealed that Tron’s total val­ue locked soared to $9.6 bil­lion. For com­par­i­son, Tron’s TVL was at $9.4 bil­lion dur­ing the pre­vi­ous week­ly report.

The report high­light­ed yet anoth­er week of pos­i­tive growth for the net­work, espe­cial­ly in terms of adop­tion and util­i­ty. Tron is also reach­ing out for growth through part­ner­ships and real-world devel­op­ment. For exam­ple, the net­work just announced that it teamed up with Huo­bi to roll out Domini­ca coin as the first nation­al fan token.

Oth­er note­wor­thy devel­op­ments aimed at real-world util­i­ty include its sea­son­al part­ner­ships. It announced col­lab­o­ra­tions with the Uni­ver­si­ty of Texas, Unifi Pro­to­col, and Glob­al Emerg­ing Mar­kets (GEM). This high­lights Tron’s will­ing­ness to strike strate­gic part­ner­ships aimed at lever­ag­ing oppor­tu­ni­ties across dif­fer­ent segments.

TRX price analysis

The afore­men­tioned growth mile­stones have so far had lit­tle impact on TRX’s price action. This is an obser­va­tion we high­light­ed last week after observ­ing TRX’s unen­thu­si­as­tic climb.

We also pon­dered on whether the net­work progress would sup­port TRX’s con­tin­ued upside and this week the answers are clear. The price slipped by almost 5% in the last sev­en days.

Tron TRX price action

Source: Trad­ingView

TRX’s retrace­ment kicked off after retest­ing the 50% RSI lev­el which act­ed as a psy­cho­log­i­cal sell zone. This cor­re­lates with the out­flows observed on the MFI. The altcoin’s per­for­mance was most­ly cor­re­lat­ed with the rest of the cryp­to mar­ket but can that change any time soon?

There is still a chance that TRX might expe­ri­ence a resur­gence of bull­ish demand. Its social dom­i­nance and social vol­ume met­rics are up in the last few days. Thus, indi­cat­ing that Tron and TRX are receiv­ing a lot of attention.

Tron social metrics

Source: San­ti­ment

TRX’s demand has not changed much espe­cial­ly in the last 24 hours despite the above obser­va­tions. How­ev­er, high­er social met­rics are bound to attract more atten­tion which may lead to an increase in buy­ing volumes.

A look at TRX vol­umes reveals that there has, in fact, been an increase in its on-chain vol­umes from its low­est point on 3 Decem­ber. Nev­er­the­less, it is not a mas­sive increase hence explain­ing why it has bare­ly had any effect on price.

Tron volume

Source: San­ti­ment

That said, traders can expect a resur­gence of more upside if bull­ish vol­umes per­sist or increase. But for now, TRX’s price move­ments remain rather mundane.



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