Tron beats rival blockchain networks by accumulating the highest number of active users per day. TRX has exhibited low volatility, subdued investor confidence and deflationary characteristics in the short term.
The throne [TRX] network seems to be outperforming its peers for quite some time now. March 18 rankings revealed that Tron was the leading blockchain by daily active users.
#TRON ranks first in the number of daily active users, ahead of #BNBChain, #Bitcoin, #PolygonAnd #Ethereum 💪 pic.twitter.com/DgscjiAZYl
— TRON Community (@TronixTrx) March 18, 2023
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The analysis of the Tron community found that Tron had the highest number of daily active users (DAU) among the top blockchain networks. It led the pack with 1.6 million DAUs, followed by BNB Chain with 1.2 million DAUs. Bitcoin [BTC] came third, with just over 669,600 daily active addresses.
Tron’s focus on stablecoins is perhaps the main reason why it has the highest number of daily active users. The CEO, Justin Sun, reiterated that stablecoins are the focus of the network.
2023 brings its fair share of challenges, but we’re here #TRON are more than ever committed to achieving our goals! Our focus remains on the growth of the #stablecoin, #USDT #TUSD #USDD #USDC #USDJ on #TRON. We aim to grow our stablecoin market cap from $40 billion to $60 billion.
— HE Justin Sun 孙宇晨 (@justinsuntron) March 17, 2023
The robust growth in the number of daily users of Tron combined with the heavy focus on stablecoins has also increased the total locked value. It had a TVL of $5.31 billion at the time of going to press, an impressive feat considering that the TVL was below $200 million in early January 2021.
Source: DeFiLlama
Is there a correlation to TRX’s price action?
A recap of TRX’s price action revealed that not much has changed over the past seven days. A broader range, however, underlined a healthy 20% rise from its four-week low to $0.067 at the time of going to press. The latter also represented a 34% premium over the YTD lows.
Source: TradingView
How much is 1,10,100 TRX worth today?
TRX’s short-term prospects are not very promising due to the lack of strong demand for the cryptocurrency at the time of writing. A reflection of the drop in investor confidence is reflected in the weighted sentiment metric. In addition, Tron’s development slowed down significantly over the past seven days.
Source: Sentiment
While the above observations indicate why TRX has failed to extend its rally over the past seven days, it has notably also avoided a major sell-off. This factor shows that the market has maintained some confidence.
As for the future outlook, Tron burns could work out well for demand. On March 18, the network tweeted that the TRX production rate was less than zero.
17th of March: #TRON burns over 18,854,758 coins 🔥 with a net production ratio of less than zero -13,787,543 🤯 pic.twitter.com/bIxb5Bux5A
— TRON Community (@TronixTrx) March 18, 2023
In other words, TRX has deflationary characteristics thanks to the Tron burns. These characteristics may support future demand and boost medium to long-term prospects.
This post Tron [TRX] leads in key metrics, but price will react accordingly
was published first on https://ambcrypto.com/tron-trx-leads-in-key-metric-but-will-its-price-react-accordingly/
