TRON surpasses a record 10 billion overall transactions as its price surges above $0.25, signifying a potential bullish trend.
Tron's digital realm is thriving like never before! With a whopping 10 billion total transactions under its belt, Tron has stormed into the big leagues, proudly standing alongside Ethereum and BNB Chain.
As of this writing, the network is handling approximately 8.4 million daily transactions, according to an analysis by CryptoQuant contributor Maartun. While activity had peaked during the 2021 and 2023 bull runs, Tron's daily usage has been on a steady climb since. Maartun emphasized that this level of on-chain traffic is often overlooked but remains a significant bullish signal.
On the surface, Tron's dominant player in the stablecoin market is worth noting. As of May 1, Tron hosts a staggering $71B-$72B USDT, nearly matching Ethereum's $73B. Moreover, over $2.17B stablecoins were added weekly in late April!
Delving deeper into the financial metrics, Tron's total value locked (TVL) currently sits at $5.03 billion, with DEX monthly volume reaching an impressive $4.9 billion in April.
While Tron's price action remains near $0.24, the resistance around $0.25 looms large. Nevertheless, a sustainable break above this level could spark technical momentum towards $0.32. On the flip side, a breakdown below $0.243 might retest the $0.239-$0.240 support zone.
Technically speaking, the Relative Strength Index (RSI) is neutral, while the Moving Average Convergence Divergence (MACD) indicator is slightly bearish. However, most other oscillators remain flat, suggesting a wait-and-see approach from the market.
In addition to all this, several promising developments are taking place within Tron's ecosystem. For instance, web3 staking service provider P2P.org was recently approved as a TRON Super Representative, enabling participation in block production and institutional staking. Furthermore, Canary Capital filed for a spot TRX ETF with staking features – a sign of growing traditional finance interest in Tron.
Tron's founder, Justin Sun, even expressed optimism about TRX's future growth, predicting that the platform's market capitalization will reach a new all-time high in Q2 2025. Citing a growing correlation between Tron and Bitcoin, Sun pointed towards more mature market behavior for the digital asset.
Now, as Tron bolsters its memecoin ecosystem with incentives, the question remains: will price action follow suit, or will bullish momentum be delayed due to market sentiment catching up with Tron's impressive network growth? Only time will tell!
- Despite the steady climb in daily transactions, Tron's Bitcoin equivalent price remains near $0.24.
- In the stablecoin market, Tron hosts a significant portion, close to Ethereum's, with over $71B-$72B USDT.
- When it comes to decentralized exchange (DEX) monthly volume, Tron reached an impressive $4.9 billion in April.
- Web3 staking service provider P2P.org has been approved as a TRON Super Representative, enabling institutional staking.
- Canary Capital filed for a spot TRX ETF with staking features, indicating traditional finance's growing interest in Tron.
- Justin Sun, Tron's founder, predicts that the platform's market capitalization will reach a new all-time high in Q2 2025.
- With potential staking features in a spot TRX ETF and incentives for its memecoin ecosystem, it remains to be seen if Tron's price action follows its network growth or if the bullish momentum will be delayed due to market sentiment.
