The native cryptocurrency of Tron, TRX, has been going up over the last week of November. Even though this is good news, investors will also be happy with the latest weekly update from the network.
The Tron weekly report says that there are a total of 123.3 million accounts on the network. This means that in less than a week, Tron added about 1.76 million new addresses. In the same time period, the total value of the things locked on the network went up by about $400 million, according to the report.
The report shows that the Tron network has the potential to get more users if the right conditions are met. It also shows that a lot of people on the sidelines think TRX has a lot of potential.
The continued bullish relief was a big reason why the number of new Tron addresses grew so quickly. After a sharp drop in the first half of November, TRX has been on a path to recovery for the past two weeks. At the time of press, its price, $0.05, was up 19% from its monthly low.
So far, the rally has made investors feel good and given them a break from the bears. This may explain why so many new addresses are coming back. But looking at some of Tron’s metrics shows that it still has room to grow.
At the end of the month, work on Tron dropped to its lowest level in four weeks. Its on-chain metrics haven’t changed much in the last week. In spite of this, the price action keeps going up, albeit slowly.
Low investor interest is often caused by a lack of building and not enough volume. So, it shouldn’t be a surprise that TRX’s weighted sentiment hasn’t gone up much since the middle of November.
The above points are worth thinking about if you own TRX or are thinking about buying it. Even though the price is going up, investors’ confidence is still low. This shows that many of them are more likely to be careful. In other words, the market isn’t sure that the current recovery rally will last.