The recent growth of Justin Sun’s project has surprised many investors. This led to a significant increase in support for the network. Not too long after launching its own stablecoin, Tron [TRX] saw a sharp rise in demand followed by an equally spectacular rise in price.
Tron finds his people
After two weeks of sustained green candles, TRX got a little closer to voiding the losses it saw in 48 hours as nearly 27% of the altcoin’s value was wiped out. However, buoyed by the sudden growth of its network and the support of its investors, the alt could be able to make up for all the losses incurred in June in the coming days.
The altcoin, which traded at $0.069 at the time of writing, was up 24.14%. This means that the crypto is getting closer to the crucial Fibonacci level of 23.6%, which coincides with $0.07. At this point, however, Tron needs to reverse this 23.6% Fibonacci line to sustain this rally.
Also, judging by the performance of its investors, it certainly looks like TRX is going to make it.
Tron swims against the current
In addition, the daily attendance of TRX holders has only increased contrary to the market trend. This is interesting, especially since the latter has fluctuated significantly in these few months.
At its peak on June 25, there were more than 2.9 million users active on the chain. This presence was not just FOMO-filled individuals, but real users, who can be supported by their on-chain activity.
The total number of transactions executed regularly peaked on June 26 at 7.04 million transactions. The only other time Tron recorded trades this high was in July 2021, when the figure was 8 million.
Anyway, the current status of the altcoin is sure to be a huge boost. It will not only improve the situation of existing investors, but also attract new investors. This is because the ROI on TRX is back in the positive zone after remaining in the negatives in April and May and falling back in June.
Should the alt manage to keep it going this way, more green candles are expected to take over the chart. This will only further improve ROI and push TRX as one of the leading cryptocurrencies in the market.
This post Tron [TRX]: The true meaning of 7 million transactions in the last 24 hours
was published first on https://ambcrypto.com/with-7-million-transactions-in-the-last-24-hours-is-trx-set-to-create-new-aths/