Tron Network Sees Record-Breaking Daily Transaction Count

Tron Network Sees Record-Breaking Daily Transaction Count

Tron Foundation, the host organization behind the Tron (TRX) blockchain, has recorded an unparalleled spike in user interest. According to an official report via Twitter, the organization revealed that the net daily transaction count on the Tron network touched a new all-time high on Wednesday.

The transaction counting tool monitors all sent and received transactions in all active TRX accounts. The Tron network recorded a total of 9,298,611 transactions on July 28. The network recorded its previous high of 9,278,050 transactions on July 6. The tweet from the official TRX handle noted that:

“The number of daily transactions on #TRON reached 9,298,611 on July 28, setting a new record high!!!

#TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.”

Reports show that this hawkish development got triggered by two factors. Firstly, the recent spike in interest in GameFi protocols played a crucial role in TRX’s network activity jump.

GameFi protocols, in a way, merge the benefits of decentralized gaming, DeFi protocols, and NFTs. Tron emerged as the most preferred platform for decentralized games, gambling profits, and high-risk schemes.

The second catalyst is the recent bullish recovery across the crypto market. Net market valuation has recorded double-digit gains for the past few days.

Key Tron Levels to Watch — July 30

TRX is on an overt bullish momentum as the crypto market regains bullish traction. That said, the twenty-fifth-largest cryptocurrency suffered a sharp drop from the $0.0640 resistance on Monday to the $0.0566 support.

TRXUSD – 4-Hour Chart

TRX is now on a rebound to retest the $0.0640 resistance as buyers pile on. Failure to clear the $0.0640 level over the coming hours or days could send the cryptocurrency below the $0.0600 support, followed by another rebound.

Meanwhile, our resistance levels are $0.0640, $0.0650, and $0.0700, and our support levels are $0.0600, $0.0566, and $0.0500.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $4.32 billion

Tron Dominance: 0.28%

Market Rank: #26

 

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Tron Market Analysis: Elon Musk Triggers Another Market Crash

Tron Market Analysis: Elon Musk Triggers Another Market Crash

Tron (TRX), alongside the rest of the crypto market, suffered a massive crash on Friday following a rejection from the $0.0830 resistance level. The renewed bearish pressure caused the crypto market to fall by over $100 billion within a few hours.

Since the start of the workweek, Tron performed relatively well, as bulls regained confidence. TRX printed a new seven-day high around $0.0830 earlier today.

The recent market crash got triggered by a tweet from Elon Musk, which alluded to the CEO parting ways with Bitcoin. The Bitcoin market reacted violently to the tweet, given Musk’s influence on BTC, dragging the entire market along. Bitcoin bottomed out below the $36k mark before posting a modest rebound higher.

Ethereum and Binance Coin did not fare any better, with the former falling by over 12% from yesterday’s high and the latter by 15%. Other large-cap cryptocurrencies also recorded massive declines, with Cardano, Dogecoin, Ripple, and Polkadot falling by -12.8%, -14%, -12.6%, and -13%.

Small-and-medium-cap coins also suffered double-digit losses following the Musk-induced crash.

Key Tron Levels to Watch — June 4

Following the massive decline, Tron appears to have regained stability as bulls resume trading activities. The cryptocurrency found decent support from the 200 SMA line amid the sell-off, indicating that this technical level should forestall future declines.

TRXUSD – Hourly Chart

That said, TRX bulls need to take the cryptocurrency back above the $0.0800 psychological resistance to reinstate a solid bullish momentum. However, failure to clear the immediate resistance at $0.0780 over the coming hours could send the twenty-fifth-largest cryptocurrency into consolidation.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.67 trillion

Tron Market Capitalization: $5.55 billion

Tron Dominance: 0.33%

Market Rank: #25

 

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Tron Partners with BSCPad to Provide Launchpad for Crypto Projects

Tron Partners with BSCPad to Provide Launchpad for Crypto Projects

Tron (TRX) recently announced a partnership with BSCPad to build the first native IDO launchpad on the Tron blockchain.

TRONPAD, the union of both companies, will give traders equal exposure to new and lucrative project launchings within the Tron ecosystem. At the same time, these new projects will secure funding from the token sales and gather momentum towards a successful launch on the network.

BSCPad, which has proven its efficiency with projects like this (an example is launching the IDO project), noted that it would lend its full support and expertise to the Tron network. BSCPad, launched in March 2021, focused its efforts on prepping new projects for launch on the Binance Smart Chain. The BSC has recorded more than 21 million unique wallets opening around the same time BSCPad came online.

Justin Sun, the founder of Tron and CEO of BitTorrent, commented on the new partnership, saying:

“The BSCPad team is very strong and knowledgeable. They consist of some of the top players in the space. We are looking forward to taking this collaboration to new heights.”

Sun added that:

“As the hyper adoption of crypto continues to explode, TRONPAD will serve as a fair IDO platform for projects launching on the TRON blockchain.”

Key Tron Levels to Watch — May 28

As the cryptocurrency market continues on a choppy momentum, TRX has fallen into a sideways momentum around the $0.0800 level.

TRXUSD – Hourly Chart

However, the twenty-fourth-largest cryptocurrency has slipped below the consolidation range over the past few hours as bears ramp up their efforts. That said, bulls need to hold ground above the $0.0700 support and facilitate a climb above the 200 SMA over the coming hours, to thwart this effort by bears.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $5.1 billion

Tron Dominance: 0.33%

Market Rank: #24

 

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Tron Market Analysis — May 21

Tron Market Analysis — May 21

The past few days have been nothing short of erratic for Tron (TRX) and the rest of the cryptocurrency market. This week’s market crash got triggered by the Chinese government’s anti-crypto stance reiteration coupled with the bearish undertone from last week’s Tesla announcement.

The bearish market condition worsened on Wednesday following overleveraged trading positions.

That said, the crypto market selloff appears to remain unabated. At press time, the total cryptocurrency market valuation is down by 7.46%, while TRX trades at -10% on the day. Over seven days, the twenty-third-largest cryptocurrency is down by -39%.

Meanwhile, Bitcoin also traded without any bullish luck, as the benchmark cryptocurrency resumed a descent to the $36k mark today and bottomed at $30k on Wednesday’s crash.

Other large-cap cryptos suffered significant losses as well, with Ethereum and Binance Coin slumping to multi-week lows on Wednesday at $1,850 and $230, respectively.

At press time, Ethereum, Binance Coin, Cardano, Ripple, Dogecoin, Polkadot, and Internet Computer all have double-digit declines with -10%, -14%, -13%, -12%, -11%, -18%, and -13%, respectively.

That said, mid-and-low-cap cryptocurrencies are not faring any better either.

Conclusively, the cumulative market cap of the cryptocurrency market stands at $1.61 trillion, after bottoming at $1.45 trillion on Wednesday.

Key Tron Levels to Watch — May 21

After consolidating below the $0.0900 resistance for most of today, Tron has fallen below the $0.0800 line as bears remain relentless. The cryptocurrency is currently trading along a descending channel towards the $0.0700 low.

TRXUSD – Hourly Chart

Given that the path of least resistance is downward, we should expect additional declines in the price of TRX over the coming hours.

That said, a fall to the $0.0700 support would help Tron rebound sharply to the $0.1000 level.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $5.4 billion

Tron Dominance: 0.35%

Market Rank: #21

 

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USDT Issued on Tron Crosses 30 Billion

USDT Issued on Tron Crosses 30 Billion

Justin Sun, the founder of Tron, has announced that the total number of the largest stablecoin in the market Tether issued as TRC20 tokens on the Tron (TRX) Blockchain has reached a volume of 30.9 billion USDT. This is reportedly the highest number of stablecoin issued on any blockchain in history.

Sun announced the latest development via Twitter yesterday, where he congratulated the Tron team for clearing this milestone.

According to data from Tether’s website, there are about 60 billion USDT in circulation, with Tron as the dominant hosting blockchain. Ethereum takes the second spot with approximately 27 billion USDT issued as ERC20 tokens. Omni, a Bitcoin-based protocol, comes in third place with roughly a billion USDT on its blockchain. In fourth place is the Solana blockchain, which has 200 million USDT on it.

Reports show that the issuance of Tether has increased dramatically since the start of the bull market. Glassnode revealed that USDT went from 10 billion in August 2020 to roughly 60 billion as of today.

Tether became operational on Tron in April 2019 but failed to gain a substantial adoption until 2021, when it took a massive chunk of market valuation from Ethereum. Crypto users got attracted to the Tron version of Tether following discoveries that transactions were almost free and instant.

Key Tron Levels to Watch — May 14

TRX has traded under downward pressure over the seven days, following a sharp rally to the $0.1700 level. The twenty-first-largest cryptocurrency is currently trading along a descending channel towards the $0.1100 level. At press time, Tron is battling with the top of the channel ($0.1280) to regain bullish momentum following the recent market crash.

TRXUSD – Hourly Chart

A break above the $0.13000 resistance could help the cryptocurrency regain a bullish bias. However, failure to clear the bearish channel over the coming hours could send TRX to the $0.12000 support and lower.

Meanwhile, our resistance levels are $0.1300, $0.1400, and $0.14950, and our support levels are $0.12000, $0.1100, and $0.1000.

Total Market Capitalization: $2.31 trillion

TRON Market Capitalization: $9 billion

TRON Dominance: 0.38%

Market Rank: #21

 

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Tron Blockchain Launches CryptoPunk Lookalike, Tpunks

Tron Blockchain Launches CryptoPunk Lookalike, Tpunks

Just as Ethereum had CryptoPunks as its first digital collectible NFTs, Tron (TRX) blockchain has announced Tpunks. For just 1000 TRX, users can now mint one of the first MFTs on Tron.

The release of Tpunks came with the usual fanfare. Just as with the release of Binance Punks on the Binance Smart Chain, Tpunks is using assets from the original CryptoPunks collection. While some claim that the release of Tpunks is riddled with plagiarism, others argue that this project adds value and legitimacy to the original punks on the Ethereum blockchain.

Tpunks are developed as TRC-721 tokens, the newly implemented token standard for NFTs on the Tron blockchain. Reports show that Tron has released 10,000 Tpunk tokens, just like the original CryptoPunks. The new tokens comprise nine aliens, twenty-four apes, eighty-eight zombies, eleven Justins, and other characters.

In December last year, Tron announced its first non-fungible tokens standard, TRC-721, noting that all tokens will be unique. Creating a standard interface allows applications to monitor and transfer NFTs on the Tron network.

NFTs, on any blockchain, typically contain owner ID, rich metadata, safe file links, and other identification information. All this information is recorded in the tokens smart contract, making each NFT unique.

Key TRX Levels to Watch — May 7
Following its prolonged consolidation between $0.1350 and $0.1175, the TRX has broken into a bullish surge towards its recent all-time high at $0.1808. The seventh-largest cryptocurrency is trading along an ascending channel but is currently battling to stay above the $0.16 psychological support.

TRXUSD – Hourly Chart

That said, we expect to see a bounce off the $0.16 support to the $0.17 level over the coming hours. That said, a dip from the current price should get additional support from the $0.1560 support.

Meanwhile, our resistance levels are $0.1650, $0.1700, and $0.1750, and our support levels are $0.1550, $0.1500, and $0.1450.

Total Market Capitalization: $2.37 trillion

TRON Market Capitalization: $11.7 billion

TRON Dominance: 0.49%

Market Rank: #17

 

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Tron Ecosystem Sees Massive Growth as UME and SocialSwap Gain Popularity

Tron Ecosystem Sees Massive Growth as UME and SocialSwap Gain Popularity

UME and SocialSwap, two popular DApps on the Tron (TRX) blockchain, are reportedly the biggest contributors to the massive growth seen on the network in recent weeks. These decentralized applications are the most preferred among Tron users, despite their relatively high gas fees.

According to a report by DappRadar, UME posted a 210% growth in daily transactions, while SocialSwap increased its user base by over 60% last week alone.

Tron has been in business for over a year now and has a Total Value Locked (TVL) of $10 billion. The Tron blockchain offers users fast and cheap transactions, a very appealing combination for new entrants into the crypto industry. Over the past month, Tron has recorded a 210% increase in transactions, 16% increase in user base, and over 500% increase in trading volume.

UME is the proprietary governance token of the Uswap decentralized exchange (DEX) on the Tron network. Users can stake and earn UME on the Tron network, and it offers a gateway to Uswap. One of the reasons behind the boom of Uswap was its recent participation in the DeFi hackathon hosted by Tron founder Justin Sun earlier this month. The project came in second place.

Meanwhile, Uswap has an NFT marketplace scheduled for launch on the last week of the month. This development means that Tron could be engaged in the NFT industry soon.

Key TRX Levels to Watch — April 30
Following its rebound from the $0.095 support, Tron appears to have fallen into consolidation below the $0.1250 resistance. However, the cryptocurrency could break the $0.1250 – $0.1300 resistance area in the coming hours, which could trigger a resumption of a bull rally.

TRXUSD – Hourly Chart

That said, failure to scale the immediate resistance could keep the TRX in a sideways momentum over the weekend.

Meanwhile, our resistance levels are $0.1250, $0.1300, and $0.1350, and our support levels are $0.1200, $0.1150, and $0.1100.

Total Market Capitalization: $2.12 trillion

TRON Market Capitalization: $8.9 billion

TRON Dominance: 0.42%

Market Rank: #19

 

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Tron Announces Strategic Partnership with DAO Maker

Tron Announces Strategic Partnership with DAO Maker

Tron (TRX) blockchain and DAO Maker (DAO) incubator for project funding have announced that they will be partnering to allow for DAO services to be seamlessly accessible on the Tron network.

Also, the partnership will help Tron-based projects harness DAO’s massive fundraising base. Apart from fundraising opportunities, DAO helps blockchain projects gather solid and devoted communities as inevitable aspects of sustainable progress. This attribute is achieved through “social mining” instruments.

That said, resonating with Tron’s multi-million-person audience is the focus for DAO Maker development, particularly in the segment of decentralized financial applications (DeFi).

Meanwhile, DAO is a leading figure in the “string hold offering” (SHO) concept. The network capitalizes on-chain analysis, user activity data, and other crucial parameters to identify the best possible applicant for a project.

String hold offering is responsible for the allocation of most locked tokens. This feature helps the project select a suitable audience for a token offering.

Justin Sun, the founder of Tron, has praised the new strategic partnership, noting that:

“We are excited to be partnering with an industry leader like DAO Maker to bring cross-chain community incubation and fundraising to TRON.”

Key TRX Levels to Watch — April 23
Along with the rest of the cryptocurrency market, Tron recorded a massive decline over the past 24 hours on some announcement from the US President. The decline sent the cryptocurrency to its lowest point in about three weeks ($0.0899), shedding a whopping 50% since its debut at a new all-time high.

TRXUSD – Hourly Chart

TRX has posted a mild retrace from the crash and has climbed back above the $0.1 area, as bears lose their grip. Also, the twentieth-largest cryptocurrency appears to be revering from oversold conditions, indicating that a modest recovery is underway.

Meanwhile, our resistance levels are $0.1050, $0.1100, and $0.1150, and our support levels are $0.0950, $0.0900, and $0.0850.

Total Market Capitalization: $1.81 trillion

TRON Market Capitalization: $7.2 billion

TRON Dominance: 0.39%

Market Rank: #20

 

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TRON Becomes Largest Issuer of USDT, Overtakes Ethereum

TRON Becomes Largest Issuer of USDT, Overtakes Ethereum

After two years since it integrated Tether (USDT) into its blockchain, TRON (TRX) has cleared a significant milestone by overtaking Ethereum as the network bearing the most amount of USDT. At press time, more than half of all USDT is circulating on the TRON network.

In 2019, TRON and Tether, the host company of the largest stablecoin provider, signed a partnership to boost the adoption of the USDT. The integration on TRON helped USDT achieve a significant diversification, considering its primary host network was Ethereum (ERC20-based tokens).

A fresh report from Tether’s transparency webpage revealed that the total authorized USDT on Ethereum is at $23.4 billion, while the total authorized USDT on TRON has exceeded $24 billion.

With a total of $47 billion worth of USDT in circulation (with 1 USDT pegged to $1), TRC20-based USDT accounts for 51% of all circulating Tether.

Reports claim that the flipping of Ethereum by TRON got triggered by the excessive gas fees on the Ethereum network, which spurred traders to seek out cheaper alternatives for USDT transactions.

The overthrow by TRON was a steady process, which took place over the past few months.

Key TRX Levels to Watch — April 16
TRX has traded on a steady bullish climb through April along an ascending trendline. The eighteenth-largest cryptocurrency peaked at $0.1693 yesterday, following a 30% rally from mid-Wednesday.

TRXUSD – 4-Hour Chart

That said, TRON appears to be in correction mode at the moment, as we expect to see a healthy rebound from the $0.1495 support over the coming hours. However, further correction should get adequately supported by the $0.14000 psychological support.

Meanwhile, our resistance levels are $0.1693, $0.1800, and $0.1900, and our support levels are $0.1495, $0.1400, and $0.1300.

Total Market Capitalization: $2.21 trillion

TRON Market Capitalization: $10.9 billion

TRON Dominance: 0.49%

Market Rank: #18

 

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Tron Price Analysis — April 9

Tron Price Analysis — April 9

Tron (TRX) has posted more than 140% in gains over the past two weeks and still shows healthy prospects for additional gains in the near term. According to some reports, here are some of the crucial fundamental factors underpinning the prospects for more gains in the sixteenth-largest cryptocurrency.

Firstly, the Tron network is launching a new stablecoin today. The new stablecoin, called True USD (TUSD), will be backed by the USD and has gotten touted as “the first regulated stablecoin fully backed by the US Dollar.”

This launch could influence the price action of the TRX over the coming hours and days, as it paints a good picture for Tron’s usability.

Secondly, Tron recently reported that its daily transactions have grown by more than 300% over the past three months, which means that more than 3 million transactions are getting facilitated on Tronscan. Such transaction numbers top that of larger cryptocurrencies like Bitcoin and Ethereum, further highlighting the massive usability of Tron.

The last factor is the steady hike in ETH gas prices, which has prompted many traders to seek other alternatives like TRX. Presently, a single ETH transaction costs anything between $12 to $20, which is too expensive for many traders.

Transactions on TRC20 are as low as $1, making it a much attractive alternative for cryptocurrency developers and traders.

Key TRX Levels to Watch — April 9
Tron suffered a massive correction from its recent rally to a new all-time high at $0.1495 some days ago and fell below the $1.050 support area. The sixteenth-largest cryptocurrency was able to facilitate a rebound from this low and climbed to the $1.2500 area.

TRXUSD – Hourly Chart

However, the climb to the $1.2500 resistance got followed by a sideways momentum, which has triggered a slight bearish movement. That said, TRX is currently trading along a descending trendline towards its weekly low. Tron has to post a clean break above the trendline and the $1.2000 resistance to gain any bullish traction.

Meanwhile, our resistance levels are at $0.0900, $0.0987, and $0.1000, and our support levels are at $0.0823, $0.0782, and $0.0750.

Total Market Capitalization: $1.99 trillion

TRON Market Capitalization: $8.5 billion

TRON Dominance: 0.43%

 

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