- As per TRONSCAN, Tron’s total transactions crossed 5.7 billion.
- Market indicators were bearish and suggested a further price drop.
Tron [TRX] has been witnessing a decline in key network stats, which was concerning. As per Artemis’ data, TRX’s daily active users have declined sharply over the last 30 days.
A decline in the metric suggests less usage of the network. Daily transactions also followed the same trend and dropped over the last few weeks.
Source: Artemis
The decline in daily transactions was surprising, as TRONSCAN pointed out another achievement on 30 May of the network.
As per TRONSCAN’s latest tweet, the total number of transactions on Tron exceeded 5.7 billion, which is a commendable number.
👏Congratulations! The total transactions on #TRON exceeded 5.7 billion!🎊
🚀#TRON ecosystem is growing at a steady pace with over 163M total accounts and 5.7B total transactions. #TRONSCAN pic.twitter.com/CbZMDwfRGU
— TRONSCAN (@TRONSCAN_ORG) May 30, 2023
Tron to receive a major network upgrade soon
The declining metrics can soon change course, as Tron is waiting for a major network update named GreatVoyage-v4.7.2 Periander. The update is expected in the month of June.
As per the official announcement, the contents and features included are still under discussion and yet to be determined.
🚀The upcoming #TRON Mainnet GreatVoyage-v4.7.2 Periander, featuring:
✅Stake 2.0 unstaking flexibility
✅Improved resource delegation API
✅Adapting to Ethereum Shanghai Upgrade
✅Upgraded energy estimation API
✅P2P network upgrade with Libp2p v2.0.0— TRON DAO (@trondao) May 30, 2023
However, there are plans to make changes as per TIP 541, 542.543, and 544. Stake 2.0 is optimized by TIP-541.
Currently, users need to wait 14 days after initiating a Stake 2.0 unstaking transaction over the HTTP API before they can withdraw the associated cash. With the update, more flexibility will be given to users.
Other notable changes include adding a proposal to optimize the resource delegation API, adding a proposal to allow adapting to the Ethereum Shanghai Upgrade, upgrading the p2p network module to Libp2p v2.0.0, etc.
Tron bears are here
TRX’s price action also turned bearish after witnessing an increase over the previous week. According to CoinMarketCap, TRX’s price declined by more than 1.5% in the last 24 hours.
At the time of writing, it was trading at $0.07542, with a market capitalization of over $6.8 billion.
The decline was accompanied by an increase in volume, which emphasized the bearish pressure.
Despite the price action, it was interesting to see sentiments around TRX improve as its weighted sentiment moved up. TRX’s social volume was also high, reflecting its popularity.
Source: Santiment
Realistic or not, here’s TRX’s market cap in BTC terms
TRX’s price to decline further
A look at Tron’s daily chart gave more reasons for concern. The MACD displayed a bearish crossover. TRX’s Relative Strength Index registered a downtick and was heading towards the neutral mark.
However, the Exponential Moving Average (EMA) Ribbon was still bullish, as the 20-day EMA was above the 55-day EMA.
Source: TradingView