The Tron network recorded an impressive 52% increase in daily active addresses from January to July. This growth surpassed the total daily active addresses of Bitcoin and Ethereum, highlighting Tron’s effectiveness in the Blockchain world. However, despite this increase in activity, Tron’s native cryptocurrency TRX experienced a slight 2% price drop.
Stablecoin Market Contributes to Tron’s Growth
The main driving force behind Tron’s increasing daily active addresses is the rapidly growing stablecoin market. In July, the market value of stablecoins on the Tron network reached an all-time high of approximately $59.2 billion. Notably, Tron surpassed Ethereum by hosting over $60 billion in Tether USDT. This growth played a significant role in attracting more users to Tron.
The expansion of the stablecoin market saw mainstream adoption, supported by the interest of institutional investors and traders. The total market value of stablecoins is currently around $164 billion, with an average daily trading volume of approximately $69 billion. Tron’s role in this market reinforces its importance in the entire Blockchain ecosystem.
Additionally, Tron has made significant strides in developing its Web3 ecosystem. The total value locked (TVL) in Tron’s Web3 projects reached approximately $8.14 billion. Projects like JustLend, SUN DEX, and stUSDT RWA, each with over $6 billion in TVL, contribute to this growth. The network’s ability to offer low fees, secure transactions, and fast transaction times has attracted many users and developers to its platform.
Interoperability with Other Blockchains and the Future
Tron’s focus on interoperability with other Blockchains has also played a significant role in its growth. For instance, JustMoney DEX, with a TVL of around half a million dollars, is available on five different Blockchains, enhancing Tron’s appeal to a broader audience. This seamless integration with other Blockchain networks ensures Tron’s relevance and utility in the rapidly evolving digital environment.
Despite these positive developments, Tron’s native token TRX continues to experience price volatility. With Bitcoin’s price falling below $65,000, TRX saw a 5% drop last week, trading at around $0.129. The token faces significant resistance around 14 cents and may form a reversal pattern with a double top and bearish trend in the RSI.
If the bearish trend continues, TRX is expected to find strong support around 11 cents. This support level could provide a cushion for the token amid the ongoing market correction and help stabilize its price in the near term.
