As August wrapped up, data from IntoTheBlock revealed that 97% of Tron ($TRX) holders are in profit, a remarkable indicator of confidence in the network despite ongoing bearish market conditions.
Tron, a blockchain designed for building decentralized applications (dApps) similar to Ethereum, has been gaining traction, especially since the bear market began in 2022.
While we're crying about the market, 97% of Tron $TRX holders are in profits
Shocking right?😂
The buy pressure is insane;
Sitting directly above a buy volume of over $3.2 billion!
There's more I wanna tell you about Tron.If only you'll…
[Read this thread] 🧵 pic.twitter.com/wbdOul0FHo
— Mijosh.₿- (R•W•A)💜💜 (@Mijosh_) August 31, 2024
Partnerships with industry giants like Samsung, Opera, BitTorrent, and Google Cloud have bolstered Tron’s reputation and utility. The number of $TRX holders has steadily increased, reflecting growing trust and belief in the network’s potential.
A standout statistic is the approximately 50 million addresses holding USDT on Tron—nearly five times that of Ethereum. Tron is also second only to Ethereum in terms of USDT holding time, underscoring its network scalability and efficiency.
This dominance in USDT holdings suggests that Tron could play a pivotal role in the DeFi ecosystem, with its strong position in stablecoin markets hinting at significant future impact.
TRON Records Net Negative Flows Of $12 Million
Recent data shows Tron recorded over $12 million in negative net flows, a sudden sevenfold increase in assets leaving exchanges. This trend indicates an accumulation of $TRX, pointing to bullish sentiment among investors.
Several key factors are driving Tron’s growth:
– Sunpump vs. Pumpfun: Tron’s Sunpump has recently outperformed Solana’s Pumpfun in revenue, highlighting its competitive edge. – Justin Sun’s Influence: The founder’s active promotion of Tron and its associated meme coins has bolstered market confidence. – Fee Reduction: Lower gas fees for NFT minting and trading on Tron have been announced, making the network more attractive to users. – Liquidity Shift: Funds are moving from Solana and Base Chain to Tron, reflecting a growing preference for the network. – Buybacks and Burns: All revenue from Sunpumpmeme will go toward $SUN buybacks and burns, supporting the token’s value. – On-Chain Activity: As of September 1, Tron ranks second in daily active addresses, indicating strong community engagement.
Tron is Making significant moves with the launch of Sunpump but can it sustain this momentum?
Let’s find out👇#Tron has been in an uptrend since Nov2022. Here's what the chart indicates:
༚ Last month was most bullish since may2022
༚ $Trx is around 10% away from its 2021 ATH… pic.twitter.com/VrQ4f9cOHL
— Mystery of Crypto (@Mysteryofcrypt) September 2, 2024
Tron’s deflationary nature and active community suggest that it could present a significant opportunity for investors looking for growth in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Tron’s Rise: 97% Of $TRX Holders In Profit As Network Gains Momentum appeared first on The Merkle News.
