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Tron-based JustSwap attracts more users than Polygon’s DEX QuickSwap

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Tron-based automated liquidity protocol, JustSwap has clocked in more unique active users in its platform than the Polygon-based decentralized exchange, QuickSwap. For the longest time, QuickSwap has held the second position in DappRadar exchange rankings in terms of users.

However, according to the latest chart by the digital analytics firm, JustSwap has managed to “swoop in and replace it.” Over the past 30 days, DappRadar revealed that the Tron-based decentralized trading protocol has drawn almost 200,000 unique users. QuickSwap, on the other hand, saw a little more than a 1% increase in the number of users interacting with its smart contracts.

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Meanwhile, the number of transactions on the Tron-powered platform surged considerably to more than 550,000. This trend was indicative that on average, users conducted approximately 2.8 transactions. It was quite a feat for JustSwap since Polygon has rapidly amassed a lot of users under its hood as it shot to fame this year.

In the past month, JustSwap facilitated more than $300 million through its smart contracts. However, even as the users and the number of transactions rose, the two indicators had little effect on the volume which saw a drop of more than 50%. Besides, Tron-based platforms are becoming rapidly popular. As a matter of fact, three out of the top seven DEXs for the period are Tron-based when ranked by unique active wallets.

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Tron, Ethereum, Polygon, Solana, the list goes on

As Proof-of-Stake [PoS] consensus gained traction, blockchains have also been increasing along with it.

The market for competing blockchains has never been more crowded and complex before. Numerous platforms are now offering variations on the same products, while others have come up with unique offerings. The shift from the dominant Ethereum has been transparent because of its perennial congestion issues and high gas fees. Apart from Tron, there are several other blockchains that have quickly emerged as viable alternatives for the Ethereum network. Some of which are Cardano, Tezos, EOS, Solana, Algorand, NEO, and Avalanche, among others.

Tron [TRX] Shows no Clear Cues after Nearing $0.06

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Tron [TRX] bulls appear ready for a leg up as the crypto-asset cut down its weekly losses to a little over 7%. As the chase towards the upside began for most cryptocurrencies, the cumulative market cap held its fort above $1.30 trillion as demand rose.

Tron has failed to post significant moves lately it remained trapped within the incessant consolidation. However, the latest price action catapulted the digital asset back to the 25th spot.

Over the past 24-hours, Tron [TRX] rose by 2.59% which pushed its price to $0.0568. At the time of writing, its market cap stood at $4.06 billion while recording a 24-hour trading volume of $604 million.

Tron [TRX] Daily Price Chart:

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The volatility in the TRX market has picked up. However, the dull volume remained a cause of concern. The price faced rejection as selling pressure intensified at the ceiling of the range that has been prevalent for over three weeks. Interestingly, the downtrend was preceded by a death cross between the 50 DMA [Pink] and the 200 DMA [Yellow].

All the moving averages, including the 100 DMA [Blue] were hovering above the candlestick arrangement depicting that the upper hand still lies with the bears.

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The dotted markers of Parabolic SAR continued to resist upward price interaction. Besides, the Stochastic RSI underwent a bullish crossover as it bounced from the oversold region depicting a reversal towards the positive side. The movement of the Relative Strength Index [RSI], on the other hand, has been weak after failing to break above the half-line for more than two straight months.

The crypto-asset has so far been incapable of galvanizing investors’ enthusiasm. The above charts depict that Tron [TRX] appears to be primed for a short-term trend reversal before it faces additional hindrances that could challenge the asset’s long-term outlook.

The resistance levels for the asset stood at $0.090, $0.0125, and $0.151. The support levels stood firm at $0.045, and $0.0280 respectively.

Tron [TRX] returns focus on downside beneath $0.06 despite uptick in volatility

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Tron [TRX] continued to decline as sell pressure pulled the crypto-asset towards critical support levels. Its weekly losses extended to 12.30%. The bears are offloading their tokens even on minor rallies. This is not just true for TRX but also for the rest of the cryptocurrency market as the cumulative valuation plummeted to $1.32 trillion.

Over the past 24-hours, Tron [TRX] was down by 5.70% which drove its price to $0.0571. At the time of writing, the crypto-asset registered a market cap of $4.19 billion and a 24-hour trading volume of $574 million. Following the latest correction, there has been an uptick in volatility in the market which could spark some abrupt price action in the near future.

Tron [TRX] Daily Price Chart:

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The volume has been on a decline for the past few weeks which has posed a major cause of concern. Tron [TRX] conveniently moved away from the moving averages after the death cross by the 50 DMA [Pink] and the 200 [DMA] which continued to hover above the price candles. The 100 DMA [Blue], on the other hand, appeared to be sloping downward as it continued to act as a major resistance point.

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The formation of red closing bars of Awesome Oscillator [AO] depicted a formation of increasing bearish momentum in the coin market. The MACD also sustained a bearish crossover as buying demand slumped. Closely following TRX’s price movement, the RSI also went on a reversal and was currently edging closer to the oversold conditions.

The above charts depicted a risk where the Tron price could revisit the old record high area last seen in February, In this case, the asset could test support areas of $0.045, $0.028 respectively. While a potential TRX price rebound is highly unlikely at this stage, it does, however, transpire and gains traction, the digital asset will discover resistance at $0.09. Other levels of resistance were at $0.125, and $0.1511.

Tron [TRX] struggles to mount strong defense near $0.06 despite recovery

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The mild recovery of the crypto market to $1.40 trillion, has catapulted the price of Tron [TRX] along with the rest of the altcoin market. Over the past couple of days, the digital asset has attracted profit-booking by short-term traders and shorting by aggressive bears which extended its weekly losses to 7.07%. It would be interesting to see if the latest bullish trend can help the coin break above the tight price range.

However, Tron [TRX] noted a minor change of 0.78% on the upside and was currently trading at $0.062. At the time of writing, the crypto-asset registered a market cap of $4.45 billion and a 24-hour trading volume of $573 million.

Tron [TRX] Price Analysis:

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TRX continued to hover quite below the moving averages and was trapped below a significant level. The digital asset slipped after the death cross that transpired on the 8th of July. If the TRX price candles manage to move above the downsloping 50 DMA [Pink], that would be a significant feat, following which 100 DMA [Blue] and the 200 DMA [Yellow], are other levels that the crypto-asset will need to target to reclaim the previous highs.

The dwindling trading volume in the market can be a major hurdle from achieving a bullish outcome.

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Despite hints of bullishness in the Tron market, the buying demand has faced massive obstacles. The Chaikin Money Flow [CMF] has been struggling near the half-line for almost a month depicting that a capital inflow was constantly met by an outflow. The Relative Strength Index [RSI], continued to tread below the 50-median line as selling pressure continued to sway the TRX market.

Similarly, the Klinger Oscillator [KO], also depicted a phase of increasing bearish pressure in the market.

The overhead resistances stood at $0.09, $0.125, and $0.151 while the support levels for the crypto-asset were found to be at levels of $0.045, and $0.028 respectively.

Tron’s [TRX] price fall into a lull ahead of imminent death cross

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After a rather choppy price action, Tron [TRX] slipped to the 25th position on the leaderboard. The crypto-asset slashed most of its weekly gains which now stood at 0.28%. The market has been pretty stagnant and there were no hints of an upswing.

After posting sharp gains, the collective crypto market cap hit a slump which drove the figures to $1.43 trillion. As top assets such as Bitcoin and Ethereum faced losses, the rest of the crypto market followed suit.

Currently, Tron [TRX] was priced at $0.0658 after falling by 2.05% over the past 24-hours. At the time of writing, the digital asset registered a market cap of $4.73 billion and a 24-hour trading volume of $857 million.

Tron [TRX] Daily Price Chart:

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Tron [TRX] was currently trading close to its 2-months low as depicted by the moving averages continued to resist an uptrend. Its recovery following the aggressive dip has been slow which had previously resulted in a bearish crossover between the 50 DMA [Pink] and the 100 DMA [Blue].

However, the looming death cross of the downsloping 50 DMA with the 200 DMA [Yellow] is a major cause of concern for the TRX token. In addition, the low volume in the coin market can further impede the growth and chances of revival.

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The capital inflow has been steadily increasing following the massive mid-June drawdown as depicted by the Chaikin Money Flow [CMF]. The MACD, on the other hand, appears to be on the cusp of a bearish crossover potentially suggesting an exhausting buying demand in the TRX market. The RSI’s movement has not been impressive either and has been rejected by the 50-median line on several occasions. The current rising trend depicted a weak buying sentiment among other TRX market participants.

USDC on Tron Blockchain Hits $111 Million 4 days after expansion

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USDC activity on the Tron [TRX] blockchain has hit a milestone already. As per the latest stats on Tronscan, the world’s second-largest stablecoin’s circulating supply reached $111.68 million on the 4th of July.

This news comes just four days after CENTRE, the consortium run by cryptocurrency exchange Coinbase and payments firm Circle, announced that USDC will be implemented on Tron, Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos. Circle CEO, Jeremy Allaire had earlier noted,

“TRON has built a very large and highly successful blockchain platform and network, and is one of the most widely used in stablecoin transactions. We’re excited to bring the benefits of a trusted dollar digital currency such as USDC to this growing ecosystem of users and developers.”

Growing Tron’s appeal and USDC’s dominance

It is important to note that USDC has experienced unprecedented activity over the last few quarters. Reports have also gone on to state that it could soon become a dominant stablecoin on the Ethereum network. It has emerged as one of the most preferred stablecoin in the decentralized finance [DeFi] sector. To top that, over 50% of USDC supply currently rests in smart contracts which totals up to almost 12.5 billion. Additionally, Tether’s growing legal woes also deviated users from turning to USDC, which could be attributed to the leading stablecoin slowly losing grip.

Meanwhile, this new achievement on the TRX blockchain could also signify that the market players are increasingly seeking other blockchains that facilitate transactions at a much cheaper and significantly faster pace than Ethereum. Besides, the TRX blockchain has already seen rapid growth for USDT, on its network. As a matter of fact, USDT on Justin Sun’s blockchain has recently surpassed that on Ethereum.

In short, USDC’s growing dominance in the market has coincided with Tron’s growing appeal as a critical alternative to the Ethereum network.

Tron among 10 blockchain platforms stablecoin USDC plans to expand

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Tron has been chosen as one of the ten blockchain platforms that Centre has enabled its members to issue the stablecoin USDC. Center is a consortium that is operated by cryptocurrency exchange Coinbase and payments firm Circle. Initially launched on the Ethereum blockchain, USDC was slowly expanded across other platforms such as Algorand, Stellar, and Solana chains in late 2020.

Apart from Tron, USDC will now be implemented on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos. The official press release of the stablecoin issuer read,

“From inception, our vision was to support USDC on multiple blockchain platforms. Bringing USDC to multiple chains enables users to take advantage of the speed, scalability and cost efficiency provided by next generation public chains.”

The latest move by Center is touted be the extensive expansion of the leading stablecoin as it eclipsed the eight blockchains that support the market leader, Tether’s USDT, which boasts a market cap of more than $62 billion. Over the past couple of months, USDC has witnessed massive growth especially due to unprecedented rally in the cryptocurrency market. The expansion comes in the heels of USDC surpassing the $25 billion market cap for the first time ever.

Following the development, Tron Foundation CEO, Justin Sun tweeted,

“Stablecoins will continue to play an important role and thrive in the cryptocurrency market, and TRC20-USDC’s roadmap and development on TRON is most definitely something to keep an eye on!”

Tron as a popular alternative

Tron also hosts USDT which has seen equally explosive growth in the past quarter. Another biggest contributing factor that resulted in the growth of the USDT on the Tron blockchain was the frustratingly high transaction fees on Ethereum that led many market participants who often use the stablecoin during trading to leave promptly from short-term trades and lock in gains with an asset at a stabilized value.

Just last month, the stablecoin issuer Tether had released 30 billion USDT as TRC20 tokens on the Tron blockchain, which went on to become the highest amount the stablecoin has ever issued on any chain.

Tron blockchain sees growth even as TRX lurks below 20th spot

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Tron [TRX] has emerged as one of the most popular blockchains today. It has bellwether for public chains in China. In the latest development, its blockchain height surpassed 31.35 million this week as the total nodes across the TRX network exceeded 1,330.

As revealed in the Tron weekly report, in the past week itself the blockchain witnessed over a staggering 1.24 million new addresses being added which took the current total number of accounts to more than 41.4 million. Additionally, the total number of transactions on the TRX blockchain hit 2.05 billion. This week itself saw the addition of 35.53 billion transactions on it. In yet another milestone, the network registered more than 6.38 million transactions in one day.

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Besides, daily active decentralized applications [DApp] on Tron have hit 103. On the other hand, its DApp DAU on the blockchain reached 2,320. Moreover, the number of daily transactions and trading volume surged all the way up to 33,000 and $10.21 million respectively.

The latest stats come on the heels of the Tron ecosystem celebrating its 3rd independence day on the 25th of June. To top that, the cryptocurrency exchange Binance had recently announced the official launch of a non-fungible token [NFT] auction platform dubbed ‘Binance NFT,’ the first ‘Genesis’ auction of which was co-hosted in collaboration with Tron along with APENFT.

Tron’s [TRX] Dull Price Action

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While Tron blockchain has seen significant growth over the past couple of years, the same cannot be said about its native TRX token. The once top 10 crypto-asset has slid to the 24th spot. Over the past several months, TRX has failed to maintain impressive growth even after briefly shooting up this bull season as compared to its peers.

It was up by almost 4% over the past day amidst market-wide recovery attempts which pushed the price of the token to $0.068, at the time of writing. Additionally, TRX has accrued weekly gains of more than 30%

Tron [TRX] Exhibits Bullish Cues After Recovery Along $0.06-level

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As the market showed signs of recovery from a bear market correction, Tron [TRX], an unlikely contender, emerged as one of the best performing crypto-asset after weeks of trading on a bearish note. As a result, the digital asset’s weekly losses declined to 10%. The swift rebound may be attributed to accumulation occurring at lower levels which pushed the combined valuation of the cryptocurrency market above $1.3 trillion.

Tron [TRX] was up by 16.86% over the past 24-hour which drove its price to $0.063. At the time of writing, the crypto-asset registered a market cap of $4.60 billion and a 24-hour trading volume of $1.56 billion.

Tron [TRX] Daily Price Chart:

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The volatility in the Tron [TRX] market hinted at optimism. The moving averages, on the other hand, did not depict a promising picture. The 50 DMA [Pink] and the 100 DMA [Blue] sustained a bearish crossover right before the crypto-asset’s fall on the 21st of June. As a result, the upsloping 200 DMA [Yellow] breached the TRX candles and went over them.

The latest increase in price, however, could challenge the 200 DMA. Additionally, the volume too noted an uptick which could help in TRX’s growth.

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The Chaikin Money Flow [CMF] made a headway nearing the half-line depicting a spike in capital inflow into the coin market as prices hit bottom. A similar sentiment was exhibited by Klinger Oscillator [KO] which underwent a bullish crossover. The RSI, too, noted a sharp uptrend towards the 50-median line and a bullish divergence along the way demonstrating an increase in buying pressure in the market.

The above charts and technicals signaled a bullish impetus, thanks to the rapid accumulation at a key level. If the bears manage to maintain the momentum, Tron could target yearly highs after breaching immediate resistance levels of 50 DMA – $0.087, and 100 DMA – $0.096 respectively. The crypto-asset’s support levels, on the other hand, were found to be at $0.044, and $0.02.

Tron [TRX] network breaks new record; total transactions surpass 2B

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Amidst a market-wide rout, Tron [TRX] network is slowly creeping up to all-time highs across several metrics. In the latest development, total transaction on the blockchain has surpassed a whopping 2 billion. This was an important milestone for the network which boasts to be cost as well as time-efficient. The tracking website, TronScan’s latest chart on the same demonstrates a steady increase in the transaction figures on the blockchain.

Revealed by Justin Sun, the CEO and Founder of Tron Foundation, his latest regarding the same tweet read,

“According to TronScan, TRON total transactions have exceeded 2 Billion. Boasting over 39 million accounts and 2 billion transactions, TRON is the world’s fastest-growing public chain. Thanks for all the supports from TRONICS”

Total Transactions

In addition to the above milestone, the network’s daily active users have also reached a new all-time high of 5.26 million recently which was an astonishing 500% more than the total users on the Cardano network. It has also broken several other records in recent days, including one that depicted the massive activity among market participants as the bull run appeared to be winding down.

Tron [TRX] fails to steal the show

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The blockchain’s native cryptocurrency token, TRX, on other hand, failed to charm the market. Its tryst as one of the top 20 cryptocurrencies was short-lived as back-to-back corrections pushed the coin further down the list. Once a top 10 crypto by market cap, TRX was positioned as the 25th-largest token by a market cap of $5.18 billion, at the time of writing as it failed to exhibit any impressive price movements this year.

The mid-May crash proved damaging for the digital asset which drove its price to levels last seen in March this year and was currently being traded at $0.072. It was also displaying some weakness which was evidenced by a decline in terms of daily trade volume. Recovery attempts halted as the cryptocurrency continued to remain stuck in a consolidation mode as investors waited for a catalyst.