- Tron’s TVL and accounts soar to new places, building on the previous week’s highs.
- TRX remains in limbo after failing to keep up with the major cryptocurrencies.
The Tron network has successfully maintained consistent growth in key areas of its operations. The same goes for new weekly milestones and the latest report suggests that it upheld the positive narrative last week.
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According to the latest Tron weekly update, the network surpassed the 49.45 millionth block height with just over 147.16 million accounts.
In comparison, it had 145.9 million accounts at a block height of 49.24 million as revealed by the previous report. This means the Tron network added roughly 1.26 million accounts last week.
📢#TRON Weekly Report 3.13 – 3.19
✅#TRON blockchain height exceeded 49.45 million.
✅The total number of accounts on #TRON reached 147,160,992.
✅The total number of transactions on #TRON reached 5.08 billion.
✅The #TVL on #TRON reached $11.5 billion.https://t.co/TKOzPZ41q0— TRON DAO (@trondao) March 22, 2023
Furthermore, Tron achieved roughly 50 million transactions during the week based on the latest figure versus the previous figure. In addition, it reported a TVL (total value locked ) increase to $11.5 billion, hence a $400 million increase from the previous report.
We earlier looked into how most of Tron’s growth was fueled by stablecoins. This also aligns with its latest stablecoin-related milestone. The network just reported that its TRC-20 USDT recently attained a new historic circulating high of 43.1 billion USDT.
Huge milestone achieved with #TRC20–#USDT circulation reaching its highest ever📈!#TRC20–#USDT has undeniably become the go-to choice🔥 for #StableCoin users, showcasing the growing trust and adoption of the #TRONNetwork. pic.twitter.com/Px1ttOifPv
— TRON DAO (@trondao) March 22, 2023
What about TRX’s price action?
TRX’s performance has been more in tune with the overall crypto market’s movements rather than the network’s achievements.
Its price has been hovering within the $0.064 to $0.08 range, suggesting the lack of strong directional momentum. Well, TRX changed hands at $0.067 at press time.
Source: TradingView
Investors should note that TRX lagged behind so far this week in terms of its correlation with Bitcoin and Ethereum.
How many are 1,10,100 TRXs worth today?
An analysis of some of TRX’s metrics reveals a lack of confidence among investors. For example, the weighted sentiment metric has been declining since mid-month and was at its lowest weekly level, at press time.
Source: Santiment
TRX’s velocity has also been declining and is now at its lowest level in the last seven days. These factors perfectly sum up the lack of directional momentum coupled with low sell pressure.
There might be hopes of a turnaround. The Binance funding rate dropped to a weekly low on Tuesday (21 March) followed by a sharp bounce back. This is perhaps a sign that the derivatives traders are regaining confidence.
Source: Santiment
A demand recovery in the derivatives market might encourage a similar outcome in the spot market. Such an outcome would also be strongly supported by a subsequent bounce in development activity.
The latter saw some recovery in the last 24 hours at press time but remains closer to its weekly low.
