Tron reports another week of positive growth- Here are its latest milestones
- Tron’s TVL and accounts climb new places, building on previous week’s highs.
- TRX remains in limbo after failing to keep up with major cryptocurrencies.
The Tron network has successfully sustained continued growth in key areas of its operations. The same goes for new weekly milestones, and the latest report suggests it has confirmed last week’s positive narrative.
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According to the latest Tron weekly update, the network has surpassed the 49.45 millionth block height with just over 147.16 million accounts.
In comparison, it had 145.9 million accounts with a block height of 49.24 million as per the previous report. That means the Tron network added around 1.26 million accounts last week.
📢#TRON Weekly report 3.13 – 3.19
✅#TRON Blockchain amount exceeded 49.45 million.
✅The total number of accounts #TRON reached 147,160,992.
✅The total number of transactions #TRON Reached 5.08 billion.
✅The #TVL At #TRON reached $11.5 billion. https://t.co/TKOzPZ41q0— TRON DAO (@trondao) March 22, 2023
Additionally, Tron scored around 50 million transactions over the week based on the latest tally compared to the previous tally. It also reported a TVL (Total Value Locked) increase to $11.5 billion, up $400 million from the previous report.
We previously looked at how most of Tron’s growth has been powered by stablecoins. This also aligns with its latest stablecoin-related milestone. The network just reported that its TRC-20 USDT recently hit a new historic circulating high of 43.1 billion USDT.
Huge milestone achieved with #TRC20–#USDT Circulation reaches its highest level ever 📈!#TRC20–#USDT has undeniably become the number one choice🔥 for #StableCoin Users showing the growing trust and acceptance of the #TRONnetwork. pic.twitter.com/Px1ttOifPv
— TRON DAO (@trondao) March 22, 2023
What about TRX price action?
TRX’s performance was more in line with the movements of the overall crypto market than the achievements of the network.
Its price is floating in the range of $0.064 to $0.08, which indicates the lack of strong directional momentum. Well, TRX was changing hands at $0.067 at press time.
Source: TradingView
Investors should note that TRX has lagged so far this week in terms of its correlation with Bitcoin and Ethereum.
How much are 1,10,100 TRXs worth today?
An analysis of some of TRX’s metrics shows a lack of confidence among investors. For example, the weighted sentiment metric has been declining since mid-month and was at its lowest weekly level at press time.
Source: Santiment
The speed of TRX has also declined and is now at its lowest level in the last seven days. These factors perfectly sum up the lack of directional momentum coupled with little selling pressure.
There is hope for a trend reversal. Binance’s funding rate fell to a weekly low on Tuesday (March 21), followed by a strong recovery. This may be a sign that derivatives traders are regaining confidence.
Source: Santiment
A recovery in demand in the derivatives market could encourage a similar outcome in the spot market. Such an outcome would also be strongly supported by a subsequent upswing in development activity.
The latter has recovered somewhat over the past 24 hours at press time, but remains closer to its weekly low.