The ongoing bull run brought about monstrous hype in the cryptocurrency industry, primarily centered around Bitcoin’s price. There were also significant factor surges in altcoin ecosystems, with Tron turning out on top
A recent analysis showed that during the previous week, the number of active addresses on the Tron blockchain jumped to the third position.
The Justin Sun founded cryptocurrency has always enjoyed significant support from its community and the latest news was celebrated across the board. TRX supporters quickly noticed that along with the price surge, TRX addresses had also steadily climbed on the charts. Tron became the cryptocurrency with the third most active addresses, after Bitcoin and Ethereum.
The number of active addresses on the Tron blockchain was calculated to be 233,000. This figure meant that over a million transactions were conducted on the Tron blockchain during the recently concluded bull run. At the same time, there were 640,000 addresses on the Bitcoin blockchain and 281,000 addresses on Ethereum blockchain. The former was responsible for 300,000 transactions while the latter oversaw 549,000 transactions.
Tronscan, the official data aggregator of the Tron blockchain calculated the total number of transactions and accounts. At press time, the total number of accounts on the Tron blockchain was 4.513 million with a current/max tps of 9/748.
The Tron blockchain also contained individual addresses who were responsible for mammoth individual transactions. Some TRX addresses individually handled over 850,000 transactions, a feat only possible because of scalability.
Looking at the number of transactions, we can notice that it forms a sinusoidal wave function. This meant that the community was reflecting on the price surge before conducting transactions.
In the last two weeks, TRX transactions peaked at 1.156 million on January 11. Since then the two peaks were at 1.35 million transactions and 1.058 million transactions, conducted on January 14 and January 18 respectively. Some members of the community were skeptical of Tron’s numbers with Amalia, a crypto enthusiast tweeting:
“According to @tronscan and tronscan is yours. Whata a joke you ripper! $BTT $WIN $TRX”
It did not take long for TRX supporters to come to the cryptocurrency’s defense. tokeweed, a massive Tron supporter replied:
“That data is straight from TRX’s blockchain. It’s transaparent. There’s no way fake the data. If there’s another TRX blockchain explorer, check it out there. Thanks for the reply tho. Your attention is appreciated.”
The increase in the number of addresses was so celebrated because of its impact on the cryptocurrency’s price. The general notion was that as the usage increases, it creates a demand influx for TRX thereby boosting its price. During the last bull run, Tron jumped back into the top 10 club but that joy was short-lived. The cryptocurrency is currently in the 13th position on the CoinMarketCap charts.
Justin Sun, the Chief Executive Officer [CEO] of the Tron Foundation has asked users to keep faith in the utility of the token. He claimed that as long as use cases for the token flourishes, a price hike will follow soon.