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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TRON Hosts Yet Another Blockchain-Based Casino Amid Soaring Price

TRON Hosts Yet Another Blockchain-Based Casino Amid Soaring Price

Playza, a blockchain-based casino, announced on April 1 that it has launched its platform on the TRON (TRX) network. The company noted in its press release yesterday that this is a significant milestone for it.

Playza asserts that it provides a fair and transparent online gaming platform for cryptocurrency users in some countries across the globe. It offers a wide array of traditional casino experiences without mandating users to fill in sign-ups, withdrawals, and deposit forms.

The blockchain-based company noted that it will support only TRON and TRX tokens for deposits for the time being and would provide support for other crypto assets, including EOS and ETH over the coming months. Users can play several games on Playza via TRONLink, which is the most preferred wallet for TRON users. Users can also make instant deposits and withdrawals with cheap transaction fees.

TRON has slowly wracked up a reputation as “Las Vegas on a blockchain” because of the numerous gambling and gaming dApps it hosts on its platform.

That said, the Playza team has asserted that they intend to utilize the TRON ecosystem and decentralized gaming to the fullest to provide a top-class gaming experience for its users.

Key TRX Levels to Watch — April 2
TRON has decimated the previously crucial $0.0680 barrier and has climbed by more than 40% since then. The twentieth-largest cryptocurrency peaked at the $0.0987 level over the past 48 hours before correcting towards the $0.0823 support.

TRXUSD – 4-Hour Chart

That said, the cryptocurrency has resumed its bullish journey towards the $0.1 level but needs to clear the $0.9 resistance first. Given the current bullish tone in the broader market, TRX could scale the resistance soon.

However, TRON appears to be in overbought territories at the moment, and a sharp correction to the $0.0750 could ensue. That said, traders need to trade this crypto asset with caution over the next 24 hours.

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: $1.93 trillion

TRON Market Capitalization: $6.3 billion

TRON Dominance: 0.33%

 

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TRON Partners with MixMarvel to Bring NFT-Based Features to Its Ecosystem

TRON Partners with MixMarvel to Bring NFT-Based Features to Its Ecosystem

TRON (TRX) recently announced that it has signed a partnership deal with blockchain game publishing platform, MixMarvel, to include non-fungible tokens-based features on TRON’s DeFi ecosystem. Per the announcement, this partnership will include the integration of Wallet SDK on the TRON ecosystem.

MixMarvel is slowly climbing its way into the booming non-fungible tokens (NFT) industry with every new product or feature its launches. The partnership will allow TRON to provide a seamless cross-chain experience of FTs and NFTs, thanks to the Rocket Protocol integrated wallet.

Rocket Protocol is the main technology of MixMarvel and has recently seen an upgrade in some of its features, including expandability, permissionless access, and a complete Turing ability.

That said, the upgraded protocol is now fully compatible with TCR-721, TRC20, smart contract, and TRON’s EVM.

TRON’s latest partnership is the testimony of its commitment to participate in the NFT industry, particularly in the blockchain gaming segment.

The CEO of TRON, Justin Sun, expressed his excitement with the collaboration with MixMarvel to release a full-stack NFT platform.

Sun stated that:

“We are excited to be collaborating with MixMarvel to bring an NFT marketplace and wallet to the TRON ecosystem.”

TRXUSD – 4-Hour Chart

Key TRX Levels to Watch — March 26
TRON has regained its bullish momentum from its recent 15% decline to the $0.0520 area, as the cryptocurrency continues trading within a bearish channel. That said, TRX is currently at the top end of this channel and has to snap this level to continue upwards. Failure to break above this channel could precipitate a fall to the $0.0485 level in the coming days.

However, our 4-hour MACD indicates that the twenty-second largest cryptocurrency is just coming out of oversold conditions, making it more likely for it to break above the channel.

Meanwhile, our resistance levels are at $0.0546, $0.0556, and $0.0600, and our support levels are at $0.0482, $0.0461, and $0.0412.

Total Market Capitalization: $1.67 trillion

TRON Market Capitalization: $4.6 billion

TRON Dominance: 0.27%

 

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TRON (TRX) Consolidates Between $0.045 and $0.055, Poises for More Upside Momentum

TRON (TRX) Consolidates Between $0.045 and $0.055, Poises for More Upside Momentum

Key Resistance levels: $0.065, $0.070, $0.075
Key Support Levels: $0.045, $0.040, $0.035

TRX/USD Long-term Trend: Ranging
TRON price is correcting upward after the breakdown on February 23. The upward move is facing resistance at $0.055. If price breaks the current resistance, the altcoin will rise to retest the high of $0.065. On the other, if the crypto faces rejection, the coin is likely to resume a range-bound movement between $0.045 and $0.055.

TRX/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward indicating the uptrend. The crypto is at level 58 of the Relative Strength Index period 14. It indicates that the coin has room to rally on the upside. The uptrend will resume if the price breaks the resistance line of the horizontal channel.

TRX/USD Medium-term bias: Bullish
On the 4-hour chart, TRON is in an uptrend. On March 17 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that TRON is likely to rise to level 1.618 Fibonacci extensions or the high of $0.060.

TRX/USD – 4 Hour Chart

4-hour Chart Indicators Reading
TRON is below 80% range of the daily stochastic. It indicates the coin is in a bearish momentum. The stochastic bands are sloping horizontally indicating that the coin is in a sideways move. The 21-day and the 50-day SMA are sloping upward indicating the uptrend

General Outlook for TRON (TRX)
TRON has been in an upward move in late January. The bulls are attempting to break the resistance at $0.055 which will propel the coin to resume an uptrend. According to the Fibonacci tool, TRON is likely to rise to level 1.618 Fibonacci extension or the high of $0.060.

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Tron-Based Oracle Finally Launches Mainnet

Tron-Based Oracle Finally Launches Mainnet

Bridge Oracle, a TRON-based public oracle, announced yesterday that it has finally launched its mainnet. The project, which has gotten described as the first-ever public oracle project on TRON’s blockchain, will enable users of the blockchain to deploy real-world dApps on TRON.

A spokesperson from Bridge Oracle noted that “the mainnet launch will allow you to deploy real-world connected DApps using Bridge Oracle on the Tron network,” adding that “it’s about time you start to prep up by creating your DApps on Shasta and Nile test nets. We will soon be coming up with more updates.”

Smart contracts serve as the backbone of most blockchains, as they aid the creation of dApps, DAOs, and other necessary components of a blockchain. However, most of these smart contracts cannot, on their own, interact with off-chain data, which is where oracles come in.

Oracles are rapidly becoming a crucial component in any cryptocurrency ecosystem. The rise of Chainlink’s role in the decentralized finance (DeFi) industry is a testament to this fact and highlights the need for the connection of blockchains to real-world data.

While Ethereum developers were quick to solve the oracle issue with the rise of Chainlink, Tron Blockchain has been struggling with off-chain data connectivity issues because of the unavailability of an oracle. That said, Bridge Oracle aims at providing an open-source platform to solve this problem with the launch of its mainnet.

Yesterday’s report noted that the oracle would provide access to real-world access on Tron through “varied forms of APIs, as well as parsing helpers, such as XML, JSON, and HTML.”

TRXUSD – 4-Hour Chart

Key TRX Levels to Watch — March 12
Just like we opined in a previous analysis, Tron (TRX) has fallen into a consolidation range after failing to clear the $0.0514 level. TRX has been trading between $0.0546 and $0.0482 over the past few days, as trading volume and volatility elude the TRX.

That said, the current sideways momentum could persist into the coming days unless Tron bulls act on the US Budget release later today.

Meanwhile, our resistance levels are at $0.0546, $0.0556, and $0.0600, and our support levels are at $0.0482, $0.0461, and $0.0412.

Total Market Capitalization: $1.71 trillion

Tron Market Capitalization: $3.6 billion

Tron Dominance: 0.2%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.