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- Tron (TRX) is maintaining a lead over other networks with the most active daily users, with this participation leading to the highest weekly revenue of $31 million.
- TRX is gaining pace with a retest of key resistance set to confirm a long-term bullish breakout.
Recent data shows a robust Tron (TRX) ecosystem fueled by community participation. This data reveals that Tron continues to lead other networks in most active daily users. Tron led the weekly active users across the crypto industry last week. The number of active users on the network stood at 5.6 million, over a million more than the second-placed BNB chain with 4.3 million users.
The active users accounted for the TRX recording the highest number of transactions, at 46.7 million. Equally, this has led to the network clinching first place in revenue with $31.3 million. Ethereum network took first place in fees with $42.9 million but second place in revenue with $29.4 million generated.
— TRON DAO (@trondao) June 8, 2024
The network’s 7-day performance outlines a sturdy blockchain enjoying great community interest. But this has failed to translate into token interest for the network’s native token, TRX. The 15th-ranked coin with a $10.1 billion market cap, has failed to sustain a prolonged bullish trend.
Last week’s performance vindicates the network’s May performance. Tron’s May 2024 report boasts impressive growth. Revenue and fees jumped 9.2%, with over 196 million transactions processed and a significant influx of new users – over 6.2 million new addresses were created. The Tron network remains deflationary, having burned TRX for 632 consecutive days.
. @trondao Monthly Report – May 2024
Highlights:
– Revenue and Fees increased by 9.2%
– Over 196M transactions and 6.2M new addresses were created
– TRX has been in deflation for 632 days
– TRON leads in daily active users
– TVL increased by $110M
– Stablecoin market cap… pic.twitter.com/hAJnzfV7uO— Coin98 Analytics (@Coin98Analytics) June 4, 2024
Additionally, Tron leads in daily active users, showcasing strong user engagement. The total value locked (TVL) on the network also grew by $110 million, while the stablecoin market cap on Tron saw a significant increase of $972 million.
Tron (TRX) Poised for Rally
At the time of writing, TRX is trading for $0.1163 with a marginal change in the past 24 hours. On the weekly chart, the altcoin has marked a 2.3% surge making it one of the few coins defying bearish pressure.
TRX is outperforming Bitcoin and has broken above the resistance level of $0.1150 against the US dollar. This bullish momentum is backed by technical indicators showing an upward trend. The price currently sits above $0.1155 and the 100-hourly moving average.
This positive trend suggests that TRX could continue climbing and building bullish momentum. Analysts are eyeing potential price targets of $0.1200 or even $0.1220. With continued momentum, TRX could see further gains soon.
Fueling its long-term prospects is its commitment to burn its total supply. Analysis shows that in the past two years, TRON has eliminated (burned) an average of close to 3% of its total supply each year. This number increases to 7% if you include USDD that has been burned.
4% deflation rate with 4% yearly return. Plus 30% APY if you are with energy staking. https://t.co/Rnp49dqld0
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 10, 2024
