- As per the latest announcement, stUSDT will soon launch on the Tron network.
- TRX’s weekly and daily charts were green, and market indicators were bullish.
Tron [TRX] recently reached a new milestone that once again reflected the blockchain’s adoption on a global scale. TRX’s official Twitter account just revealed that the blockchain’s total number of active addresses surpassed the 170 million mark, which looked encouraging for its future. Along with that, a few other notable developments also happened in the ecosystem that can serve as fuel for further growth.
Read Tron’s [TRX] Price Prediction 2023-24
Tron is still the market leader
Not only did TRX’s total accounts increase, but the blockchain was also at the top of the table in terms of daily active users. According to Token Terminal’s data, TRX recorded more than 2 million daily active addresses, making it the market leader. Apart from Tron, BNB Chain [BNB] and Polygon [MATIC] also made the top three on the same list.
Source: Token Terminal
While TRX’s adoption increased, another development happened, which contributed further to the uptrend. Tron Dao recently revealed through a tweet that stUSDT was soon coming to the Tron network. For starters, stUSDT would be the first RWA platform in the Tron ecosystem.
Tron investors were comfortable
Amidst these updates, TRX’s price gained upward momentum as its weekly and daily charts were painted green. According to CoinMarketCap, TRX’s price has increased by more than 4% in the last seven days. At the time of writing, it was trading at $0.0767 with a market capitalization of over $6.8 billion.
However, the price uptick was not followed by a hike in volume, which is a typical bearish signal. Moreover, the token’s 1-week price volatility has also plummeted, suggesting that the uptrend might end soon.
Source: Santiment
Though TRX’s volume declined in the last few days, a look at its daily chart gave a bullish notion. For instance, the Exponential Moving Average (EMA) Ribbon displayed a bullish crossover. TRX’s MACD also revealed that the bulls were leading the market. On top of that, TRX’s Relative Strength Index (RSI) was also above the neutral mark, which was a bullish signal.
Source: TradingView
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A few other metrics were also positive on TRX. For example, its weighted sentiment improved last week, reflecting investors’ confidence in the token. However, its social volume declined. A downtrend in the metric means that TRX’s popularity took a blow last week.
Source: Santiment
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