Despite the general crypto market following Ethereum’s (ETH) rally, Tron (TRX) continues to decline. Coinmarketcap data also shows that TRX is one of the top altcoins to have weekly losses. While other assets have gained in value, TRX has fallen by 0.25 percent in the past week.
This stability validates TRX’s recent status, particularly after the altcoin printed rebound moves in July. Tron’s price has risen to $0.07 since we published the previous update, thanks to a late boost from bull action on August 13.
Rise and shine!
Despite the decline in TRX’s value, Tron’s blockchain remained in the spotlight. In addition, many in the crypto community appear to be beginning to take note. According to data compiled by Lunar Crush, searches for TRX were among the ten most popular terms in January.
The Social Dominance index, however, did not reflect this shift. Since the mega-hit on July 26, the index has been stuck around 0.325% and has not moved at all.
And recently, Tron compiled its weekly updates, which now include network development news. According to the article, Tron’s ecosystem collaborated with Wintermute and Travala to grow the blockchain.
They hope that by working together, they can help Tron reach new heights in the coming months. As if that weren’t enough, CoinMarketLeague placed TRX at the top of a list of the 10 most-voted blockchains overall.
Furthermore, Tron Scan reports on the increasing use of stablecoins on the Tron network. According to the tweet, Tron’s stablecoin transfer volume averaged $7.15B daily between August 5 and 11. DeFi’s entire value locked on Tron has also increased, from $11.4 billion a day ago to $11.6 billion.
However, everyday Tron transactions aren’t showing any noteworthy increases (despite this progress). Since the beginning of August, the average number of daily trades has been hovering around 5.1 million. According to Tron Scan, the number of daily transactions has reached 5.2 million, a slight increase despite the similarly erratic variations of the preceding two weeks.
When will we see Tron’s sequel? While the expansion of related industries is in line with Justin Sun’s plan, TRX should take advantage of the current upswing. However, we haven’t been told that story. Investors and merchants may begin to take notice soon.
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