In terms of active addresses, TRON [TRX] has outperformed the world’s largest cryptocurrencies, including Bitcoin [BTC] and Ethereum [ETH]. While TRX had 1.8 million active addresses, BTC and ETH had over 902,000 and 518,000, respectively.
Was this huge difference caused by TRON’s environmental friendliness? TRON stated in a tweet on March 26 that it consumes 99.9% less electricity than BTC and ETH. TRON could have benefited from the world’s ongoing search for energy-efficient platforms.
Another factor that may have aided TRX in attracting new users was its dominance in the African and Asian regions, where it outperformed ETH.
Furthermore, TRON’s network statistics indicated that, while the eco-friendly aspect may have played a role, other factors also played a role. For example, DeFiLlama data revealed that TRX’s TVL recovered in the last few days after declining on March 12, 2023.
Apart from that, TRX’s burn rate has recently been promising, displaying its deflationary characteristic, which may have attracted more users.According to TRON Community, more than 14.9 million TRX coins were burned on March 26th, with a net production ratio of less than zero -9,920,862.A look at TRONSCAN’s data suggested that the good times for gaining new users were far from over.
According to the most recent data, TRON has added over 142,000 new accounts in the last 24 hours. The network was also at capacity, with total transactions increasing by more than 5 million on the last day.nFurthermore, the increased user base assisted TRON in generating more revenue. According to Token Terminal data, TRON is the second most profitable blockchain, trailing only the king of altcoins.TRON’s performance has been commendable, but the same cannot be said for its price, which has been quite concerning.
Consider the following: TRX has dropped nearly 4% in the last seven days. It was trading at $0.06403 at press time, with a market capitalization of more than $5.8 billion.
Santiment’s chart revealed that the coin’s demand in the derivatives market fell by a large margin as its Binance funding rate fell over the last week.
TRX’s development activity has also slowed significantly. Despite the negative price action, TRX’s weighted sentiment managed to recover slightly, with an uptick on March 26.
