Tron Rises 23% Amid Developments
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Tron (TRX) investors continue to feel bullish even as the market dips after certain on-chain developments help investor sentiment remain high.
According to CoinGecko, the token has increased more than 24% since last week, a sign that investors on the platform have held TRX and accumulated to capture more gains.Â
Tronâs developments will help TRX hold against the downward trajectory the market has taken today. However, questions remain about whether the token will continue to go against the broader market or follow the dip.Â
Tron On-chain Developments Drive TRX Sky High
With Tronâs focus on stablecoin development made apparent by Tron founder Justin Sun last month, yesterday saw a big win for the platform as Tether minted over $1 billion USDT without paying any gas fees on the platform.
This placed Tron in the crosshairs of critics as they questioned the âno gas feeâ transaction with an individual pointing out that they are charged a dollar for a simple swap approval.Â
Despite this, Tron handled a third of Visaâs annual settlement volume while gaining over half a billion dollars in fees in as little as 3 months. This, according to Tron, makes it clear that âblockchain is more than just a buzzword.â
TRX To Face Possible Downturn Soon?
The tokenâs current position is an awkward balance between the bulls attempting to break through the $0.1665 ceiling and the bears also attempting the reverse by eyeing the $0.1583 floor.Â
As it currently stands, TRX is on an untenable position as it forces the bulls to continue buying without regard to the tokenâs overall momentum.
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