Tron: Know this about TRX’s performance before cutting losses

In its weekly update on 23 July, the Tron network informed its users of the important ecosystem developments on the network between 16 July and 22 July.

Tron, in its update, stated that according to data from Coin98 Analytics, with 3.5 billion total transactions processed since the launch of the Tron network, it was ranked second on the list of top blockchains with the highest transactions processed so far.

Further, on 20 July, the Tron network announced its partnership with WeFund for the acquisition of more users in the DApp market.

In addition, within the period under review, the network’s stablecoin, USDD, was launched on Arbitrum to be traded on Uniswap.

Now, you might ask- In light of these ecosystem developments, how has the network’s native coin, TRX, performed within the same period?

Performance within 6-day period

As of 16 July, the price of TRX was pegged at $0.068. Within the period under review, the coin rallied to a high of $0.070 by 20 July, after which the price dropped. By 22 July, the coin exchanged hands at $0.067, seeing only a 1.4% drop in price in the 6-day period.

Dropping from $6.3 billion to $6.1 billion in the period under review, the coin’s market capitalization declined by 3%. 

Further, the coin’s trading volume rose to a daily high of 695.03 million on 18 July. Then, as the price trickled downwards, the coin’s trading volume dropped 13% by 22 July.

Seeing only a 4% growth in price in the last 24 days, TRX exchanged hands at $0.06741 at the time of press. In the last 24 hours, data from CoinMarketCap showed a 0.28% growth in the coin’s price.

Not much noise on the chain

According to on-chain data from Santiment, between 16 July and 22 July, the coin registered minor declines on a social front. In that period, the coin’s social dominance dropped by 2%.

On the other hand, its social volume recorded a 22% growth. 

In that period, developmental activity on the TRX network logged a 0.084% growth. The percentage supply of  TRX coins held by whales dropped by 0.6%. 

Source: Santiment

Furthermore, according to data from DefiLlama, the total value locked (TVL) by DeFi protocols housed on the Tron network has grown rapidly since the beginning of the month.

At $5.83 billion at the time of press, the TVL on the network has grown by 47% since the month started.

Source: DefiLlama