Tron Lost 10% Since Last Week – Is There A Saving Grace Ahead?
August 07 2024 - 11:30AM
NEWSBTC
Tron (TRX) faced huge losses after the market swung downward in a
strong overreaction amidst macroeconomic fears. According to
CoinGecko, the token is down nearly 6% since last week but has
since turned a full 180 gaining almost a percent today, August 7th.
Since then, the ecosystem continues to surprise the community with
its strength Related Reading: ATOM Blows Up 10% After Significant
Sell Pressure As the market also resumes some form of recovery with
a percent uptick in the total market cap, TRX might see some growth
in the coming days. Tron Remains Profitable Despite Market
Bleed Bankless released a deep dive on the on-chain profitability
of several layer 1s and layer 2s, including Tron on their long list
of blockchains. Which blockchains are actually profitable? 🤔
This is the data behind the L1 and L2 networks driving the most
revenue and earnings 💰🫰 Today, we’ll explore the top 4 L1s and L2s
by revenue, and explore just how much of the revenues that these
blockchains actually keep. For… pic.twitter.com/TgudtrlDvO —
Bankless (@BanklessHQ) August 1, 2024 According to their report,
Tron is the most profitable chain at $271 million earned over the
past year, with Solana being the lowest with over $2 billion in the
negative. Tron is touted as a “silent giant”, boasting a whopping
$1.4 billion in revenue over the past year. This is because of the
platform’s significant investment in stablecoins, thus propping
their stablecoin activity just behind Ethereum, the second-most
prominent blockchain in the world. Another development that will
increase stablecoin activity on the platform is TokenPocket, a
crypto wallet provider, introducing a feature that uses Tether
(USDT) to pay gas fees on TRX, providing convenience for users who
want to use Tron despite not holding any of the token itself.
✅Use $USDT to cover gas fees on the #TRON network via TokenPocket!
Check out how @Cointelegraph introduces this feature! @trondao
#TRON 👇https://t.co/90Kiwkc40W — TokenPocket (@TokenPocket_TP)
August 3, 2024 How did this affect Tron’s position in the market?
Well, the answer lies in the ever-growing stats that show a strong
and growing community in the long run. According to Tron’s official
website, the platform has processed over $8 billion in transactions
with a whopping $19.6 billion in total value locked (TVL).
Long-Term Growth Is Guaranteed At These Levels The token’s current
positioning amid the bearish market is somewhat stable, settling
around $0.1229 and $0.1271. TRX bears have already used this price
range earlier this year which puts more pressure on the bulls to
hold on to this support range for a future breakthrough.
Related Reading: Aave Protocol Unfazed By Market Jitters, Surges
21% TRX moves alongside Ethereum in the same manner as ETH
following Bitcoin within the broader market. This might help with
the token’s future performance as the market usually follows the
two top cryptocurrencies as a gauge of the broader market’s
bullishness or bearishness. As Bitcoin’s rebound slows to a
crawl, TRX might face difficulties in achieving a breakthrough in
the short term. However, this does not discredit the possibility of
a bullish breakthrough in the mid to late August timeline which
might be the time Bitcoin and Ethereum already recovers from the
market overreaction this week. However, the market’s current
volatile nature also may hamper any further attempt at short-term
upward movement. The bulls should then continue holding on the
$0.1229-$0.1271 price range to ensure a strong breakthrough in the
long-term. Featured image from Publish0x, chart from TradingView
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