Tron (TRX) has been making strides towards increasing adoption, and its efforts have recently paid off with the total number of accounts on Tron surpassing 156 million as reported by TRONSCAN on 27 April. This milestone solidifies Tron’s position as the top blockchain in terms of daily active users, outperforming Binance Coin (BNB) by over 900,000. Bitcoin (BTC) also made it to the top three on the list.
Tron founder, Justin Sun, earlier this year expressed his belief that China will eventually accept Tron. This possibility has been highlighted again by Tron Community, which tweeted that China could be the country that plans to accept Tron as a legal tender. If this becomes a reality, it could be a major breakthrough for Tron, as China is a significant player in BRICS – an association of countries aiming to challenge the US dollar’s monopoly in global trade. China’s adoption could influence others and change Tron’s fate for the better.
In addition to increased adoption, Tron has witnessed growth in staking, which was previously in a declining trend. TRONSCAN’s data shows that total TRX staked gained momentum since 19 April, with a staking rate of over 48%. Tron’s network health also seems to be on point, as seen from its Total Value Locked (TVL), which is on the rise according to DeFiLlama’s chart. This bodes well for the network’s overall health.
However, despite the positive developments, TRX failed to register any gains over the last week. According to CoinMarketCap, TRX’s price only increased marginally last week, and at press time, it was trading at $0.06616 with a market capitalization of over $5.9 billion.
A look at Santiment’s chart revealed several metrics working against TRX. For example, TRX’s funding rate was down significantly, indicating low demand in the futures market. The token’s social dominance also fell over the last week, and its development activity declined.
However, Coinglass reported that TRX’s open interest declined, indicating that the market is closing out. This suggests that the current price trend is coming to an end, and TRX could potentially register gains in the coming days.
In conclusion, Tron’s recent milestones are noteworthy, and its efforts towards increasing adoption are paying off. However, the cryptocurrency’s price has yet to reflect these developments fully, and several metrics are currently working against it. Nonetheless, the decline in open interest suggests that TRX’s current price trend may soon come to an end, and it could see gains in the future.
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