As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market cycles and trends. The recent performance of Tron (TRX) has been quite intriguing, to say the least. Despite the broader market’s downturn, TRX managed to hold its ground remarkably well, even demonstrating a slight recovery.
Tron (TRX) suffered significant losses when the market took a sharp downturn due to an excessive response to economic concerns. As per CoinGecko, the token has dropped by close to 6% in the last week, but it made a complete reversal and even gained slightly over 1% on August 7th. Since then, the Tron ecosystem has continued to impress the community with its resilience.
With the market showing signs of revival and an increase in overall market value, it’s possible that Tron (TRX) could experience growth in the near future.
Tron Remains Profitable Despite Market Bleed
In simpler terms, Bankless recently published an extensive analysis examining the profitability of various Layer 1 and Layer 2 networks, such as Tron, among others, on their extensive blockchain roster.
Which blockchains are actually profitable?
This is the data behind the L1 and L2 networks driving the most revenue and earnings
As a researcher delving into the world of blockchain, today I’m going to unveil the leading four Language One (L1) and Language Two (L2) platforms in terms of generated revenue, and shed light on the proportion of those revenues that these digital ledgers retain.
For…
— Bankless (@BanklessHQ) August 1, 2024
As an analyst, I’ve been reviewing the latest reports and found that over the past year, Tron has emerged as the most lucrative blockchain, raking in approximately $271 million in profits. On the flip side, Solana is currently experiencing a significant loss, with its total earnings for the same period amounting to more than $2 billion in the red.
Tron is often referred to as a “quiet titan” due to its impressive $1.4 billion revenue earned last year. This high earnings are attributed to the substantial investments made in stablecoins, which positions Tron’s stablecoin activity as the second most active behind Ethereum, one of the world’s leading blockchain platforms.
As an analyst, I’d like to highlight an exciting advancement that could significantly boost stablecoin transactions on our platform: TokenPocket, a trusted crypto wallet service, has rolled out a new feature. This innovative addition allows users to utilize Tether (USDT) for gas fees when transacting on the Tron network. This is particularly beneficial for those who don’t hold any TRX tokens but still wish to leverage the Tron ecosystem, as they can now do so with ease using their USDT holdings.
Use $USDT to cover gas fees on the #TRON network via TokenPocket!
Check out how @Cointelegraph introduces this feature! @trondao #TRON
— TokenPocket (@TokenPocket_TP) August 3, 2024
What impact did this have on Tron’s market standing? The answer can be found in the steadily increasing statistics that point towards a robust and expanding user base in the future. As per Tron’s official website, the platform has handled transactions worth more than $8 billion, with a total value locked (TVL) of approximately $19.6 billion. This suggests that Tron’s position in the market is strengthening due to its growing popularity and transaction volume.
Long-Term Growth Is Guaranteed At These Levels
In simpler terms, the token’s location within the current bear market is relatively steady, hovering around $0.1229 and $0.1271. The bears have previously utilized this price range this year, making it more challenging for the bulls to maintain this support zone for a potential future breakout.
TRX tends to mirror Ethereum’s movements in the same way that ETH often imitates Bitcoin‘s trends within the overall market. This correlation could potentially impact TRX‘s future performance, as the market typically uses these two leading cryptocurrencies as a benchmark for assessing the broader market’s optimism or pessimism.
The growth of TRX could encounter hurdles in the near future as Bitcoin’s recovery seems to be slowing down. Yet, there is still a potential for a positive surge in mid to late August if both Bitcoin and Ethereum manage to recover from this week’s market turbulence.
Despite the market’s present volatility potentially slowing down any immediate advance, the bulls must maintain their positions within the $0.1229 – $0.1271 price bracket to secure a robust breakout in the future.
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2024-08-07 18:41