As an analyst with a background in blockchain and crypto markets, I’ve been closely monitoring the recent price surge of Tron (TRX) and the robust performance of its ecosystem. Based on the data presented, I believe that Tron is making significant strides in the crypto industry.
The price of Tron (TRX) has climbed for three consecutive days, with on-chain information suggesting a strong performance within its ecosystem. TRX reached a peak of $0.1185 on Friday, marking its highest level in a month. This represents an increase of more than 7.65% from TRX’s lowest price point this month. Meanwhile, other cryptocurrencies such as Ether, Solana, and Pepe experienced declines.
Tron price chart
Based on TronScan’s report, the daily trading volume for Tether (USDT) on the Tron network exceeded $53 billion. This surge was fueled by a significant increase in transfers, which numbered over 2.18 million, and a sharp rise in the total number of holders, which reached over 45.32 million.
Over the past few months, the quantity of USDT held by Tron users has experienced significant growth. According to the data available, this amount surpassed 25 million units in the same period of 2023, whereas it was only around 1.4 million in the year 2020.
Trading volume for USDT on the Tron network has surpassed the transactions processed by Visa and Mastercard, the global leaders in payment processing.
In the past 24 hours, the trading volume of USDT on TronNetwork has reached an impressive $53 billion, surpassing Visa’s daily average trading volume of approximately $42 billion based on Q1 2024 data ($3.78 trillion in total).
— Lookonchain (@lookonchain) June 21, 2024
Tron’s significance in the crypto industry has grown significantly due to Tether being the most significant stablecoin. According to DeFi Llama, the value of stablecoins on Tether has surged past $58 billion, which represents over half of the total Tether supply.
In spite of a recent plateau in Tether’s expansion, current statistics indicate that it remains a widely-used stablecoin. A noteworthy illustration is the fact that USDT has surpassed Bitcoin‘s popularity in Latin America as mentioned in our previous article published on Friday.
The DeFi ecosystem of Tron is experiencing significant growth, as indicated by the surge in total value locked (TVL) which now exceeds $8.13 billion. A large portion of this growth can be attributed to JustLend, JustStables, and SUN.
As a crypto market analyst, I can share that Tron is currently the second highest earning player in the cryptocurrency sector. This year alone, its revenue has surpassed $735 million, placing it just behind Ethereum as the industry’s top revenue generators.
As an analyst, I’d put it this way: I must acknowledge that Tron, under my observation, encounters certain challenges. In the year 2023, the Securities and Exchange Commission (SEC) levied accusations of fraud and securities violations against Justin Sun and others associated with the project. The repercussions of this lawsuit remain uncertain for Tron’s network. More recently, Circle announced its decision to discontinue support for USD Coin on the Tron platform.
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2024-06-21 17:48