July 24, 2024
Blockchain News

Tron [TRX] Releases its Weekly Update, Here’s Everything You Need to Know

Tron has recently made headlines as one of the blockchain networks that is experiencing rapid growth. The network has just released its most recent weekly report, which confirms the network’s positive growth trajectory. Here is everything you need to know about the report.

Tron’s mainnet accounts increased to approximately 125.1 million after adding approximately 1.8 million new accounts, according to the weekly update. Tron network transactions increased to 4.33 billion after a weekly gain of 46.61 million new transactions.

According to the report, Tron’s total value has risen to $9.6 billion. In comparison, Tron’s TVL was $9.4 billion at the time of the previous weekly report.

The report highlighted yet another week of positive network growth, particularly in terms of adoption and utility. Tron is also pursuing expansion through partnerships and real-world development. For example, the network recently announced a collaboration with Huobi to launch the Dominica Coin as the first national fan token.

Seasonal partnerships are another notable development aimed at real-world utility. Collaborations with the University of Texas, the Unifi Protocol, and Global Emerging Markets (GEM) were announced. This demonstrates Tron’s willingness to form strategic alliances in order to capitalize on opportunities across multiple segments.

TRX’s price action has been unaffected by the aforementioned growth milestones. This is something we noticed last week after watching TRX’s unenthusiastic climb.

We also wondered whether TRX’s continued rise would be supported by network progress, and the answers came this week. In the last seven days, the price has dropped by nearly 5%.

TRX began its retracement after retesting the 50% RSI level, which served as a psychological sell zone. This corresponds to the outflows seen on the MFI. The performance of the altcoin has been mostly correlated with the rest of the crypto market, but will this change anytime soon?

There is still a chance that TRX will see a surge in bullish demand. Its social dominance and social volume metrics have increased in recent days. As a result, Tron and TRX are receiving a lot of attention.

Despite the above observations, TRX demand has not changed significantly in the last 24 hours. Higher social metrics, on the other hand, are bound to attract more attention, which may lead to an increase in purchasing volumes.

A look at TRX volumes reveals that there has been an increase in on-chain volumes since its low point on December 3rd. Nonetheless, it is not a significant increase, which explains why it has had little effect on prices.

However, if bullish volumes continue or increase, traders can expect more upside. However, TRX’s price movements remain rather mundane for the time being.