Tron price beats XRP, Ethereum, Cardano as on-chain metrics boom

As a researcher with extensive experience in the crypto industry, I have closely monitored the recent market trends and have been particularly intrigued by Tron’s resilience amidst the bearish sentiment in the broader cryptocurrency market. While it’s true that Tron has seen a dip to $0.125 on Monday, representing a nearly 5% loss from its highest level last week, I believe this setback is only temporary.

On Mondays trading session, Tron’s price dipped to $0.125, representing a nearly 5% decrease from its peak value reached the previous week. As a result, the cryptocurrency’s total market capitalization now stands at approximately $10.3 billion.

Tron’s value has taken a hit lately, but it has fared better than other cryptocurrencies. In contrast, Bitcoin and Ethereum have both plunged more than 20% from their peak prices in June, entering a bear market.

The superior on-chain performance of Tron, as evidenced by data from DeFi Llama, is attributed to its impressive figure of over 1.83 million addresses on the network.

Tron’s active address count surpasses both Bitcoin and Ethereum individually. Moreover, it boasts a considerably larger number compared to other notable blockchains such as Polygon, Solana, and Binance Chain.

New information indicates that Tron is now the second most valuable blockchain in the market, boasting a total asset worth of approximately $7.3 billion. In comparison, Ethereum holds around $55 billion, and Solana has slightly over $5.46 billion.

Significantly, Tron has emerged as a leading force in the stablecoin sector. According to TronScan’s data, the network processed over $42 billion worth of Tether stablecoins in the last 24 hours, which is on par with the daily transactions of well-known payment systems such as Visa and Mastercard.

“Despite market instability and widespread selling in the cryptocurrency sector, the number of active users on the Tron Network has persisted in growing since the beginning of the year and has remained close to record highs.”

— (@cryptoquant_com) July 5, 2024

As a researcher investigating the cryptocurrency market, I can share that Tron’s success is evident with it ranking as the second most profitable network in the industry, following Ethereum. This achievement is reflected in its impressive earnings of over $816 million in fees during this year. Compared to Bitcoin’s $744 million and Uniswap’s $575 million, Tron’s fee generation clearly outshines these notable competitors.

Simultaneously, the amount of TRX tokens in existence has decreased in recent years. Currently, there are approximately 87.2 billion tokens in circulation, which is a decrease from the 88.2 billion tokens that were in circulation in January and more than 101 billion tokens that existed in 2022.

Tron price beats XRP, Ethereum, Cardano as on-chain metrics boom

Tron tokens in circulation

The production of new TRX tokens trails behind their consumption, as evidenced by data showing that approximately 5.7 million TRX were produced on Sunday while around 7.5 million were burned.

Tron price has done well over time

Unlike popular cryptocurrencies such as Bitcoin and Ether that frequently grab the spotlight, Tron maintains a lower profile in the news. Yet, this digital currency has consistently performed well through the years, largely due to its robust on-chain statistics.

In February, Tron’s price reached an all-time peak of $0.1452, marking a substantial 220% rise from its December 2022 rock bottom. Surprisingly, it has experienced a mere 13% decline since attaining its highest value this year, making it one of the rare coins that haven’t entered a bear market yet.

I’ve noticed a downturn in my crypto investments lately, and I believe this is due to growing anxiety amongst us investors. The Fear & Greed Index for crypto has dipped into the “fear” territory at 36.

Based on its robust foundations, Tron has a good chance of outperforming cryptocurrencies such as XRP, Ethereum, and Solana.

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2024-07-08 17:13