TRON (TRX) Network Activity Soars, Becoming More Popular in LATAM

TRON's (TRX) performance for the last few months has been excellent, hitting multiple benchmarks. Being one of the few cryptocurrencies with a green weekly price chart, the blockchain not only increased network activity but also did well financially.

Tron’s (TRX) performance over the last few months has been impressive, hitting several milestones. Being one of the few cryptocurrencies with a green weekly price chart, the blockchain not only increased network activity but also did well financially.

Tron Network Activity Soars

In recent news, IntoTheBlock tweeted about an interesting Tron blockchain development. As of now, the tweet claims that there are around 2.5 million active Tron addresses, up from the year’s beginning.

This huge increase showcases Tron’s massive adoption and usage; it outnumbers the active addresses on top layer-1 blockchains.

Since the beginning of the year, the number of active @trondao addresses has steadily increased, approaching a daily average of 2.5 million, far surpassing other leading Layer 1 networks pic.twitter.com/TCiatVqVOM

— IntoTheBlock (@intotheblock) June 26, 2024

Given these promising numbers, analysts zoomed in on TRX’s network activities using Artemis’ data. The analysis showed that TRX’s daily active addresses have been increasing steadily over the last month. Daily transactions on the blockchain followed a similar increasing trend.

Besides the network activity increase, TRX’s captured value metrics also seemed promising. The increasing TRX fees and revenue last month suggest a bright financial future for the blockchain.

However, TRX’s performance in the DeFi sector declined over the past seven days, with a significant drop in its Total Value Locked (TVL).

Surging LATAM Popularity

Moreover, TRON has been surging in popularity across Latin America. Highlighting USDT’s growing presence in the region, a previous CNF report noted that 48.78% of Uquid users in LATAM use it on the TRON network.

Amid these developments, TRX managed to be one of the few cryptocurrencies in the top 20 list to maintain a green weekly chart.

According to CoinMarketCap, TRX’s price increased by over 5% throughout the last seven days. At press time, TRX was the 11th largest cryptocurrency, with a market cap of around $10.87 billion and trading at $0.1247.

Investors remained bullish as TRX’s long/short ratio also increased, suggesting a predominantly positive market sentiment.

Several technical indicators also seemed promising for the token. For example, the MACD showed a clear bullish strength and the Chaikin Money Flow (CMF) also increased significantly, both hinting at a continuing price rise.

However, TRX’s price had crossed the upper Bollinger Bands, which often indicates a possible price correction.

If such a correction takes place over the next few days, TRX’s price might drop to $0.115 as there’s strong liquidation at that point. On the other hand, if the bulls continue to drive the market, investors could soon see TRX hit $0.13.