Tron Adds 1.75 Million New Addresses In Last 7 Days As TRX Regains Previous Losses
TRON (TRX) took a heavy hit during the first half of November following unfortunate events such as the implosion of FTX, an exchange that was once considered the third largest in the world. According to data provided by...
TRON (TRX) took a heavy hit during the first half of November following unfortunate events such as the implosion of FTX, an exchange that was once considered the third largest in the world.
According to data provided by Coingecko, from its $0.064 price on November 6, TRX went on a steady decline until it plummeted to $0.046 on November 14.
After that, the cryptocurrency managed to stage a rebound and continues to do a relatively good job at recovering its losses.
In fact, at the time of this writing, TRON has managed to tally a 19% jump from its November low, trading at $0.054.
Over the last two weeks, the digital asset seems to have found its groove as it continues to shake off the negative effects of both the crypto winter and the FTX collapse.
Tron Report Reveals Project Capable of Attracting More UsersAs another week came to a close, Tron blockchain, via Twitter, shared some important data pertaining to its performance for its community.
According to TRON DAO’s post, the project managed to add 1.75 million new addresses within the last seven days, pushing its total tally to 123.3 million accounts.
#TRON Weekly Report 11.21 – 11.27
#TRON blockchain height exceeded 46.23 million. The total number of accounts on #TRON reached 123,377,790. The total number of transactions on #TRON reached 4.28 billion. The #TVL on #TRON reached $9.4 billion.https://t.co/29s3o8NKuH
— TRON DAO (@trondao) November 30, 2022
Also, during the same period, the total number of transactions facilitated on the blockchain network reached 4.28 billion.
In terms of total value locked (TVL), from November 21 to 27, the project was able to hit the $9.4 billion mark after registering an increase of roughly $400 million. Meanwhile, the Tron blockchain height surpassed 46.23 million during the same timeframe.
The data, according to Tron, seems to prove that given the right conditions, the project is capable of enticing millions of new users to join its ecosystem. It also indicates there are still many individuals that believe in the blockchain’s potential.
3 Main Problems TRX Is FacingAlthough it is hovering around the $0.054 at the moment, TRON is not yet out of the woods as there are still challenges that could cause it to plummet once again.
According to some experts, the cryptocurrency is left to deal with the fact that many people lost their faith in the digital asset class following the collapse of the FTX exchange platform which filed for Chapter 11 Bankruptcy on November 11.
TRX is also facing fierce competition from projects such as BitGert (BRISE) and Centrex (CENX) which are, according to experts, having better adoption numbers when compared to the Tron token.
Finally, within the last few weeks, there has been an apparent instability within Tron network as investors panicked when USDD (the project’s algorithmic stablecoin) lost its peg to the US dollar.
These could trigger another price dump for the crypto asset, therefore investors and prospective buyers are advised to keep an eye on these to help them with their decision making.
TRX total market cap at $5 billion on the daily chart | Featured image from Car and Driver, Chart: TradingView.comOriginal source
Read on NewsBTCRelated market context
Sky Governance Proposal Seeks To Double USDC PSM Buffer To $800 Million
TL;DR BA Labs has proposed doubling key LITE-PSM-USDC-A parameters in the Sky stablecoin system from 400 million to 800 million. T...
Coinbase Quantum Report Warns Millions Of Bitcoin Could Face Future Security Risks
TL;DR Coinbase’s Quantum Advisory Council published a report on post-quantum migration and abandoned coins. The report estimates t...
Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap?
Wall Street got to trade Bitcoin around the clock just in time to watch the market fall apart. CME Group launched 24/7 trading for...
SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation
SpaceX priced its IPO at $135 per share on June 11, raised $75 billion in the largest public offering in history, and opened on Na...
LG Electronics Tests Onchain Advertising Network On Arbitrum
TL;DR LG Electronics is piloting an onchain advertising network on Arbitrum. The project is designed to make ad performance more v...
Bitcoin faces one of its biggest mining difficulty drops as miner margins collapse
The Bitcoin network is poised to execute one of the largest downward adjustments to its mining difficulty in its 17-year history t...