The post TRON Blockchain Sees Surge as Daily Transactions Hit 6.75 M as Price Soars 14% appeared first on Coinpedia Fintech News
TRON stood out as one of the few cryptocurrencies to show massive growth throughout June and maintain stability during the early July sell-off. However, it has jumped by more than 14% from its lowest point of $0.11 in April to a peak of $0.134.Meanwhile, a recent analysis by Market Analyst CryptoBusy TRON transaction activity has reached a daily average of approximately 6.75 million transactions. This growing adoption of the TRON network hints at bullish sentiments in the crypto space.
TRON’s Growing Transaction Volumes
According to a recent analysis by CryptoBusy, TRON has recorded a substantial rise in daily transactions, marking a pivotal moment for the blockchain platform. With an average of 6.75 million daily transactions, TRON has shown substantial growth, highlighting its increasing popularity and usefulness among users.
Bullish on $TRON? Since the beginning of 2024, transaction activity on the TRON blockchain has been on an upward trajectory. The network is currently handling an impressive daily average of about 6.75 million transactions, showcasing its growing adoption and usage.@trondao… pic.twitter.com/XGvYh08AFK
— CryptoBusy (@CryptoBusy) July 11, 2024
Moreover, TRON stands out in the blockchain world with over 2.2 million active addresses, the highest among its peers. In comparison, Ethereum trails behind with 401,000 active addresses, while Solana, BNB Chain, and Arbitrum together total 2.30 million active addresses.
In addition to its active user base, TRON’s strength is its Total Value Locked (TVL) within its ecosystem. Despite hosting just 34 decentralized applications (dApps), TRON boasts a remarkable TVL exceeding $7.47 billion. This places TRON as the second-largest player in DeFi, following closely behind Ethereum.
Tron Founder Bullish View
Justin Sun, the founder of Tron, believes that the TRX token and its ecosystem will thrive this year, despite being undervalued. Tron has become a crucial blockchain network in the industry.
I have a feeling that the second half of this year will be a period of explosive growth for the Tron ecosystem. The current value of the Tron ecosystem is seriously underestimated.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 10, 2024
A prime example is its role in handling over $40 billion in stablecoin transactions daily. Some days, Tron processes more stablecoins than Visa and Mastercard combined.
However, data from DeFi Llama shows Tron holds over $58 billion in stablecoins, mostly Tether. This accounts for more than 60% of Tether’s total market value of over $115 billion, making Tron second only to Ethereum, which holds over $78 billion in stablecoins.
Tron Price Analysis
Tron’s price has been on a strong uptrend recently, surpassing $0.13, a key level for July. It has also stayed above the 50-day and 200-day moving averages, indicating that buyers are in control of the market.
With these positive signs, Tron’s price will likely keep rising, targeting the year-to-date high of $0.18, which is around 8% higher than its current level. Breaking above this point could lead to more gains soon, reflecting increasing optimism among investors and traders.
