Blockchain News

Tron’s [TRX] Stake 2.0 launch failed to meet expectations: Decoding why

Tron [TRX] published its weekly highlights on April 16, highlighting all of the week’s noteworthy happenings. Needless to say, the debut of Stake 2.0 was the main event of the week. 

NOW Wallet implemented Stake 2.0 a few days after its introduction, allowing users to stake TRX. Many expected TRON’s TVL to rise with the release of Stake 2.0, which provided stakers with greater freedom. This does not appear to be the case, since its TVL did not grow significantly.

Given the enhanced capabilities and features of Stake 2.0, it was expected that more stakers would be interested in staking TRX. However, the number of TRX holders has dropped dramatically in the recent week.  According to TRON scan, the number of TRX stakes and stakers has dropped dramatically after the launch of Stake 2.0.

Tron was still ranked first on the list of blockchains with the most daily active users, according to Token Terminal. However, growth may have slowed since, despite an increase in total accounts, active accounts have decreased after April 12. Last week, there was also a little fall in revenue, which was a negative indicator for Tron.

TRX also had a terrible week, with its price plummeting dramatically on April 12. The drop occurred when Binance announced that TRX will be among the cryptocurrencies delisted from the exchange. Nonetheless, TRX recovered quickly and was trading at $0.0664 with a market value of more than $6 billion at the time of writing. TRX’s burn rate, on the other hand, remained reasonable, with the network burning 15,263,107 TRX on April 16.

Because of the decrease, unfavorable feelings around TRX dominated the market last week. TRX’s demand in the futures market plummeted during the price decline. It was encouraging to note that TRX’s demand increased later on, as seen by its Binance financing rate.

An examination of TRX’s Bollinger Bands found that the token’s price was approaching a less volatile zone, boosting the likelihood of sideways price movement in the short future. The Relative Strength Index (RSI) was likewise slightly over the neutral point of 50, indicating inactivity. According to the MACD, the bulls and bears were attempting to flip each other. It will be interesting to watch who wins in the following days. 


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