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TRON Transactions Hit 4 Billion As Justin Sun Rumored To Buy Huobi

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The Tron (TRX) Network had made substantial leaps in the last 24 hours, gaining vast amounts of value even when the rest of the cryptocurrency markets were plummeting. In its latest update, TRONSCAN reported that it had achieved over 4 billion total transactions within this time frame, which is quite impressive given how many other networks are struggling.

The total transfer value of the tokens exceeded $5 trillion at the beginning of August, according to a TRONSCAN tweet. With the addition of 105 million new users and 3.6 billion transactions to its network, it achieved the position of the second-largest public chain by stablecoin market cap.

In less than two months, it surpassed over $12.5 billion worth of total value locked (TVL) within its network and also boasted more than 115 million users. However, this increase is to be viewed as the latest rumor that TRON founder Justin Sun may be the actual buyer of the giant cryptocurrency exchange Huobi Global.

Huobi Global revealed over the weekend that Capital Management had acquired control of it. But the Chinese blockchain news portal WuBlockchain said on October 10 that it has “learned from multiple sources” that Justin Sun, the founder of TRON, is “the core investor” in this fund of mergers and acquisitions.

The Rumor Drives Tron (TRX) To Green

Justin Sun’s rumor has resulted in a 3.0% increase for TRX over the past day, pushing its value up to $0.066093 per coin, according to CoinGecko’s statistics. In addition, by Nomic’s data, the amount of trade within a 24-hour period increased significantly by 70%, reaching $787.92 million.

Moreover, like most cryptocurrencies, the token undergoes regular cycles of dramatic increases and decreases. The first major change in price for TRX happened in December 2017; it spiked from around $0.01 to $0.04. The token reached its highest point (ATH) at just over $0.23 on January 5, 2018 – increasing 400% in under a week. 

In 2020, there was a sharp decrease because of the COVID-19 pandemic, and small gains were recorded in early 2021 after it subsided. But unfortunately, a “Crypto Winter” hit TRX and other cryptocurrencies in 2022. The coin is currently 72.2% below its all-time high price and is still struggling to recover its value.

Additionally, based on the most recent price predictions, TRX’s price began the year 2022 at $0.0759. As of now, the price is down 16% from the start of the year. But, by the end of 2022, the token is expected to cost $0.0701.

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Tron’s Tronscan weekly report boasts more than impressive developments

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Tronscan, one of Tron’s most essential platforms is a very well organized team that publishes a report every week on the project’s progress. Here are the highlights of last week’s report. And as the title says, the developments from last week are more than impressive ones.

The time filter

A time filter was launched. It works on pages that include blocks, transactions, and transfers.

The point in this improvement is to make transaction queries easier for users. The filter applies to the objects mentioned in the last paragraph, and it’s on the “blockchain page,” and it’s also available for transactions and transfers on the contract information page.

The filter supports the contract information page and the address page, and the token information page as well. This development enables users to query for transactions at any time they want using the Main Net with more accuracy than before.

More improvements

Another improvement in the works is a new ledger feature. It will be designed to support transactions at exchanges (TRC20 token transfers, for instance) and it’s expected to be online by next week.

This is a particularly important task for the Tronscan development team, so they’re working on it 24/7. The ledger’s update will facilitate things for the Bancor exchange. TRC20 transfer, token name duplication, token decimals, etc. The development stages are very advanced, and the release is forthcoming. It’s just about to be ready for deployment.

Also, the project is developing graphical resources (charts) for contract and energy consumption. Once these charts are online, users can look up how much energy the Tron‘s main net is burning as a whole, but also the energy requirements of individual smart contracts. That will make the network more lively for sure.

Additionally, three Tron-based digital assets built with TRC20 technology (Dootron or DOO, Wrapped Tron or WTRX, and ICEDIUM or ICD) are now listed at Tronscan.

Zendesk customer service

Zendesk customer service is about to come online. The idea is to provide Tronscan’s users with the best possible customer service. It will be a welcome addition that will enhance the platform’s flexibility and power, both of which are already quite extensive.

So, as you can see, the Tronscan team is keeping itself really busy trying very hard to improve every aspect of the platform’s functionality, reliability, and features. We’re not surprised, this is the rule rather than the exception in most Tron-based projects, but especially in Tronscan, which is an excellent thing because this is a fundamental platform in the Tron experience for every member in the Tron community.

And last but not least: The no. 20 proposal for multi-signatures in the Tron’s main chain was accepted by 20 votes, and it’s already released. You can learn all about it by visiting this link https://tronscan.org/#/proposal/17. We could tell you what it’s all about, but then we would be spoiling your fun.

We salute Tronscan’s continued efforts and commitment to excellence and wish them all success in each and every one of their current and future projects. The kind of commitment that Tronscan shows daily is the reason why the Tron decentralized network is achieving so much success in such a small period.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.