- TRON’s total addresses increased by over 140,000 in the last 24 hours.
- TRX’s on-chain metrics suggested a further downtrend that can be expected in the near future.
TRON [TRX] has managed to outperform the biggest cryptocurrencies in the world, including Bitcoin [BTC] and Ethereum [ETH], in terms of active addresses.
While TRX’s active addresses reached 1.8 million, BTC and ETH had over 902,000 and 518,000, respectively.
#TRON ranks first in the number of active addresses, outpacing #Bitcoin, #Ethereum, #Litecoin, and #Stellar 🔥 pic.twitter.com/qkBE1dmkVh
— TRON Community (@TronixTrx) March 24, 2023
Read TRON’s [TRX] Price Prediction 2023-24
You might ask- Was this massive difference due to TRON being eco-friendly? In a 26 March tweet, TRON mentioned that it consumes 99.9% less electricity than BTC and ETH. As the world continuously seeks energy-efficient platforms, TRON could have benefited from it.
Eco-friendly confirmed ✅ #TRON consumes 99.9% less power than #Bitcoin and #Ethereum 💚 pic.twitter.com/p58pRZjou5
— TRON Community (@TronixTrx) March 26, 2023
Possible reasons for TRON’s achievement
Another factor that could have helped TRX attract new users could be its dominance in the African and Asian regions, where it was ahead of ETH.
According to the @Google, #TRON is the leading network in most countries of the world 🗺️ especially in Asia and Africa, outperforming #Ethereum 🔥 pic.twitter.com/m1WLKSBLL5
— TRON Community (@TronixTrx) March 21, 2023
Furthermore, TRON’s network statistics suggested that, though the eco-friendly bit might have played a role, other factors also contributed. For instance, DeFiLlama’s data revealed that TRX’s TVL recovered over the last few days after it declined on 12 March 2023.
Source: DeFiLlama
Apart from this, TRX’s burn rate has also been promising of late, displaying its deflationary characteristic, which could have attracted more users.
As per TRON Community’s tweet, more than 14.9 million TRX coins were burned on 26 March with a net production ratio less than zero -9,920,862.
26th March: #TRON burns more than 14,988,077 coins 🔥 with a net production ratio less than zero -9,920,862 🤯 pic.twitter.com/KIrNGPWNim
— TRON Community (@TronixTrx) March 27, 2023
The growth story is not yet over
A look at TRONSCAN’s data suggested that the good days were far from over in terms of gaining new users.
As per the latest data, TRON managed to add over 142,000 new accounts in the last 24 hours. Network usage was also at par, as total transactions increased by more than 5 million on the last day.
Source: TRONSCAN
Furthermore, the increased number of users also helped TRON generate more revenue. Token Terminal’s data pointed out that TRON ranked second on the list of blockchains by revenue, only behind the king of altcoins.
How much are 1,10,100 TRXs worth today
TRON’s success might not be able to save TRX
Though TRON’s performance has been commendable, the same can’t be said for its price, as its overall health has been quite concerning.
Consider this- TRX’s price declined by nearly 4% in the last seven days. At press time, it was trading at $0.06403 with a market capitalization of over $5.8 billion.
Santiment’s chart revealed that the coin’s demand fell by a large margin in the derivatives market as its Binance funding rate was down throughout the last week.
TRX’s development activity also declined sharply. However, despite the negative price action, TRX’s weighted sentiment managed to recover slightly by registering an uptick on 26 March.
Source: Santiment