Tron (TRX): Understand This About Performance Before Trimming Losses
Tron informed its customers about crucial ecosystem developments between July 16 and 22 in its July 23 weekly update. It highlighted Coin98’s data showing the Tron network completed 3.5 billion transactions since its launch. That ranked it 2nd on blockchains with the highest processed transactions so far.
Moreover, Tron revealed partnering with WeFund to acquire more customers in the decentralized app marketplace. It declared the deal on July 20. Meanwhile, the phase under review had the protocols stablecoin – USDD – Launched on Arbitrum for trading on Uniswap. The question could linger, how has the platform’s native tokens, TRX, performed amidst the timeframe?
TRX traded around $0.068 as of July 16. The period under assessment saw the altcoin climbing towards $0.070 by July 20 before dropping. The alternative token traded near $0.067 on July 22, witnessing only a 1.4% price dip within six days. Also, the timeframe saw the token’s market cap dropping to $6.1 billion from $6.3B, a 3% decline.
While publishing this content, TRX traded at $0.06742, gaining 4% within the past 24 days. Meanwhile, the alternative token saw a minimum drop within the last day (Coinmarketcap data).
Nothing Much from the Chain
Santiment’s on-chain data shows the altcoin recorded slight plummets on the social metric between July 16 and July 22. TRX’s social dominance declined by 2% in that timeframe. Meanwhile, the social volume noted a 22% increase. Moreover, the Tron network’s developmental activity grew by 0.084% in the period under assessment. The whale supply percentage declined by 0.6%.
Moreover, DefiLlama data shows DeFi’s TVL by protocols on the TRX blockchain saw rapid growth since the start of the month. The network’s TVL surged 47% since this month began, to $5.83 during this publication.
Meanwhile, the crypto market attempts to keep the latest surges. Bitcoin struggled to keep the $22,000 mark, changing hands at $21,938 during this publication. Most large-cap assets recorded relatively muted actions within the last 24 hours.
Nevertheless, weakness appears visible, and prices might dip in the coming days or sessions. The global cryptocurrency market cap stood at $1.01 trillion, dropping 3.6% within the past day.
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