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Sujit Kumar
Nov 5, 2024
by Sujit Kumar

Tron (TRX) Sees Strong Performance Amid Bearish Crypto Market

Tron Sees Strong Performance

Table of contents

  1. Stablecoins Drive Increased Network Activity
    1. TRX Price Outlook and Indicators
As the crypto market navigates heightened bearish pressures during the U.S. Presidential elections, Tron (TRX) investors are seeing significant returns. Data from IntoTheBlock reveals that 97% of Tron holders are currently in profit, with just 1% reporting losses. TRX's strong performance is notable given the broad market challenges.

Record Transaction Volumes on TRX Blockchain

In October, Tron achieved a remarkable milestone, with daily transactions peaking at over 10.4 million on October 24—a record high for the past year. Over the month, TRX recorded $8.4 billion in 24-hour transaction volume, reflecting a consistent uptrend throughout 2024. With more than 296 million active accounts and 2.1 million daily transacting users, Tron dominated about 43% of altcoin traffic, outpacing several other leading blockchains.

Stablecoins Drive Increased Network Activity

Tron's growth is also attributed to a surge in Tether (USDT) transactions, particularly in the $1,000 to $100,000 range. The TRX-based USDT supply has expanded from 45 billion to over 62 billion coins, significantly contributing to transaction volume and network demand. As a result, October brought Tron $207 million in transaction fees, marking its second-highest revenue month after August.

TRX Price Outlook and Indicators

TRX is currently trading at $0.1623, closely following broader market trends. While TRX dipped 1.65% over the last 24 hours, it remains above its 200-day Simple Moving Average, indicating a sustained uptrend. The Alligator Indicator lines suggest a period of consolidation, potentially signaling TRX’s gathering strength for a future rally. Additionally, over 149 million tokens were burned in October, underscoring Tron's commitment to reducing supply and promoting long-term stability.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Tron Sees Strong Performance
Tron (TRX) Sees Strong Performance Amid Bearish Crypto Market
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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