As a seasoned researcher with a keen eye for blockchain trends and a soft spot for cryptocurrencies, I must admit that the surge in long-term TRX holders has piqued my interest. The 237% increase over the past year is a staggering figure that catches the attention of even the most jaded observer.
Over the last year, there’s been a significant surge in the number of wallets that are long-term holders of Tron’s native token TRX, as per data from the blockchain analysis company, IntoTheBlock.
According to a recent tweet from our market analysis tool, it appears that the number of long-term Tron network holders has surged by an impressive 237% over the past year, now totalling approximately 90 million addresses.
TRX Long-term Holders Are Increasing
According to IntoTheBlock, an uptick in the number of long-term TRON (TRX) wallet holders suggests that investors have faith in the network’s future, as they are choosing to keep their cryptocurrency for extended periods.
The surge in the Tron network’s address activity mirrors substantial growth and bustling activity. Over the past several weeks, TRX has stood out as one of the best-performing digital currencies on the market. In just the last fortnight of August, the token experienced a 30% increase, propelling it into the top ten cryptocurrencies by market capitalization, with a value exceeding $14.5 billion.
At the point of this writing, TRX‘s market capitalization stood at $13.3 billion. Despite this decrease, TRON managed to rank 11th, outpacing both Cardano (ADA) and Avalanche (AVAX) in terms of size.
In August, Tron’s price rise made every holder experience a profit, as each token was valued at approximately $0.167. Currently, due to a slight drop in its value to around $0.154, only 95% of holders remain profitable. The remaining 2% are now facing losses, while the rest, about 3%, are still at break-even point.
Rising Stablecoin and Network Activity
Over the last few months, not only has the price fluctuation of TRX been quite significant, but we’ve also seen an increase in the number of long-term TRON holders. Additionally, the Tron network has experienced a surge in transaction volumes and income generation.
During April, IntoTheBlock observed that the weekly transaction volume of Tether (USDT) on the Tron platform was double the amount it settled on Ethereum‘s network. Then, in June, Lookonchain, a blockchain analytics provider, reported that the daily trading volume for USDT on the Tron network reached an impressive $53 billion, surpassing Visa’s average first-quarter daily trading volume of $42 billion.
Last month, data from Token Terminal revealed that Tron had overtaken Ethereum in revenue generation. In the 90 days ending August 15, Tron accrued roughly $435 million in fees, while Ethereum recorded $364 million.
Furthermore, since its debut just under a month ago, Tron’s fresh meme token-generating platform, SunPump, has experienced significant action, resulting in over 50,000 tokens being launched so far.
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2024-09-13 01:14