TRX Bearish as Tron Exceeds 203 Million Addresses

Tron continued its dominance as the leading blockchain with the highest daily active addresses, showcasing its sustained popularity. Despite this, TRX faced a dip of over 3%, accompanied by predominantly bearish market indicators.

Trx Bearish As Tron Exceeds 203 Million Addresses_65b97477ca022.webp

In 2023, Tron (TRX) has seen notable success in blockchain adoption and usage, surpassing competitors like BNB Chain (BNB) and Bitcoin (BTC) while maintaining a consistent lead.

Tron’s Remarkable Achievements in 2023

Token Terminal’s data underscores Tron’s continued dominance in daily active addresses, with TRX reaching 1.4 million, outpacing BNB (968k) and BTC (443k) as of the latest update. The total number of TRX transactions has exceeded 6.9 billion, and its Total Value Locked (TVL) stands at an impressive $20 billion. The blockchain’s staking ecosystem, highlighted by the introduction of Stake 2.0, has shown positive performance, reflected in the rising share of Stake 2.0 according to TRONSCAN’s data.

trx bearish as tron exceeds 203 million addresses 65b97477cd1f9

Staking Rewards reports a staking ratio of 50.2% for TRX, with 390k staking wallets and a current staking market capitalization exceeding $4.65 billion. Tron’s strategic move with Stake 2.0, introducing new features for stakers, has contributed to its growing presence in the staking landscape over the past few months.

trx bearish as tron exceeds 203 million addresses 65b97477d502b

In the realm of NFTs, Tron’s blockchain has gained momentum recently, as indicated by Santiment’s data showing a consistently high number of TRX NFT trades over the past three months. Despite this, the NFT trade volume remained relatively low, with a notable spike occurring on December 6th.

trx bearish as tron exceeds 203 million addresses 65b97477dd8ad

Challenges Loom for TRX

However, Tron (TRX) faces certain concerns. Despite reaching new milestones in total addresses, the cryptocurrency experienced a bearish turn in its price action. Within the last 24 hours, the token’s value declined by more than 3%, settling at $0.1048, accompanied by a market cap exceeding $9.28 billion.

trx bearish as tron exceeds 203 million addresses 65b97477e6ba3

The outlook for TRX’s future appears uncertain, with a decrease in Open Interest heightening the likelihood of a trend reversal. Tron’s Relative Strength Index (RSI) exhibited a downtick, trending towards the neutral mark at the time of reporting.

Related: What is Blockchain Tron and How Does It Work?

Similarly, its Chaikin Money Flow (CMF) followed suit, suggesting an increased probability of a continued downward price movement in the concluding days of 2023.

5.0/5

(100 votes)

Latest

Azcnews Breaking Zklend Loses $4.9m In Starknet Exploit

News | Editor Choice | Policy & Regulations

zkLend Loses $4.9M in Starknet Exploit, Offers Hacker 10% Bounty for Return of Funds

Decentralized lending protocol zkLend has fallen victim to a $4.9 million exploit on the Starknet network, marking a resurgence in crypto-related hacks after a decline in January.

Azcnews Breaking Us And Uk Refuse To Sign International Agreement On Ethical Ai

News | AI | Editor Choice

US and UK Refuse to Sign International Agreement on Ethical AI

The US and UK declined to sign an international AI agreement, citing concerns over excessive regulation, while the summit emphasized ethical AI development, innovation, and global cooperation.

Azcnews Breaking Bitcoin’s Price Fluctuation And The Role Of Otc Transactio

News | Bitcoin | Editor Choice

Bitcoin’s Price Fluctuation and the Role of OTC Transactions

Bitcoin briefly dropped to $94,900 last night before recovering slightly. While market sentiment and institutional strategies often dominate discussions on Bitcoin’s volatility, the impact of over-the-counter (OTC) transactions remains an overlooked but crucial factor.

Azcnews Breaking Bnb Chain’s Four.meme Suffers $183k Exploit In Security Breach

News | Editor Choice | Memecoin

BNB Chain’s Four.Meme Suffers $183K Exploit in Security Breach

The memecoin launch platform has temporarily suspended the creation of new liquidity pools as it works to resolve a recent exploit.

Azcnews Breaking Litecoin Etf Has A 90% Chance Of Sec Approval

News | Altcoin | Editor Choice | Policy & Regulations

Litecoin ETF Has a 90% Chance of SEC Approval

Bloomberg ETF analysts suggest that Litecoin's regulatory filings have been acknowledged, indicating that the SEC likely classifies it as a commodity.