- The Tron blockchain network has reached a significant milestone of over 245 million total addresses, reflecting its growing adoption and usage.
- Tether’s stablecoin USDT dominates network activity on the Tron blockchain, accounting for 99% of total transfers by the top 10 contracts in June 2024.
The Tron blockchain network continues to hit new milestones showing the growing adoption of its blockchain and popularity. Popular X handle TRONSCAN recently published an update regarding the Tron blockchain highlighting the latest achievement of the network.
According to a tweet, Tron’s total number of addresses has surpassed 245 million. This significant milestone reflects the growing adoption and usage of the blockchain, per the CNF report.
🎉🎉🎉Congratulations!!! #TRON’s total accounts have reached 245,180,647, exceeding 245 million! #TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
🥰Appreciation to all #TRONICS! pic.twitter.com/9v1CmxvGLX
— TRONSCAN (@TRONSCAN_ORG) July 20, 2024
On the other hand, Tron’s network activity has also shown strength in the past 30 days. Throughout July, the Tron blockchain network has seen relatively high daily active addresses. Thanks to the surge in the daily transactions on the Tron network over the past 30 days. Tron’s performance in the DeFi space remains positive, with its Total Value Locked (TVL) showing an upward trend.
Tether (USDT) Stablecoin Dominates Tron Network Activity
As per data from CryptoQuant, Tether’s native stablecoin USDT dominated the network activity on the Tron blockchain network. In the last month of June 2024, USDT accounted for 99% of the total transfers by the top 10 contracts, with more than 57 million transfers, per the CNF update. In comparison, PayNet recorded only 100,000 transfers during the same period.
According to CryptoQuant, USDT on the TRON network represents over half (53%) of the overall USDT supply, closely competing with Ethereum’s ERC-20 version at 46%. Other networks combined account for just 1% of the total USDT supply.
Most USDT holders on TRON are small or retail holders. There are 52.6 million holders with balances under $1,000, a number that grew even during the 2022 bear market. The $1,000-$10,000 cohort has 359,000 holders.
Nearly a third of USDT transactions on TRON are below $100, with 15% of total transactions involving amounts less than $10. In late 2022, transactions under $10 constituted more than half of USDT transfers on TRON.
TRX Price Action
As of press time, Tron’s native cryptocurrency TRX is trading 0.83% up at $0.1353 with a market cap of $11.784 billion. The daily trading volumes are also up by 52% trading past $320 million.
Despite the recent TRX price drop, over 97% of TRX investors remained in profit, according to data from IntoTheBlock. Our analysis of Coinglass’s data revealed a bullish signal. Tron’s open interest has declined over the past few days while its price has plummeted. A drop in this metric often suggests a high likelihood of a trend reversal.
On the other hand, TRX’s Moving Average Convergence Divergence (MACD) is showing a potential decline going ahead. This indicator has shown a bearish crossover for the first time in more than a month. This technical signal often marks the beginning of a downward trend. It suggests that the asset’s recent upward momentum might be waning.
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