Tron price continued its strong bull run this week, reaching its highest level since December last year.
Summary
- Tron price is on the verge of a strong bull run to its all-time high.
- CryptoQuant points to its dominance in the stablecoin industry.
- They also pointed to the growing decentralized finance ecosystem.
Tron (TRX) jumped to $0.3500, even as the crypto market pulled back. It was up by 75% from its lowest level this year.
CryptoQuant explains why Tron price is surging
In an X post, CryptoQuant, one of the more trusted analytics platform, explained why the Tron price has surged and outperformed other tokens. The firm noted that the momentum stemmed from rising transactions on the network and its growing market share in the stablecoin industry.
Nansen data shows that Tron’s network processed over 2.8 billion transactions in the last 12 months, second only to Solana (SOL), which handled 20 billion transactions.
CryptoQuant also pointed to Tron’s dominance in the stablecoin industry. Data compiled by Artemis shows that Tron has over $82 billion in stablecoin supply and more than 9.8 million stablecoin addresses. It handled $625 billion in transactions in the last 30 days.
This growth has led to a substantial increase in revenue. Tron generated more than $3.5 billion in revenue in the last 12 months, exceeding the combined revenue of Ethereum (ETH), Solana, and BNB Chain, combined.
CryptoQuant also noted that Tron is a major player in decentralized finance, where it holds over $6.12 billion in assets. This makes it the fifth-largest chain in the crypto industry after Ethereum, Solana, BSC, and Bitcoin.
TRX price also advanced after Tron Inc., formerly known as SRM Entertainment, filed to raise $1 billion to accumulate Tron tokens. This accumulation comes as Tron supply has continued to fall due to token burns.
Tron price technical analysis
The three-day chart shows that TRX price bottomed at $0.200 earlier this year and then rallied to $0.3500. It has remained above the ascending trendline that connects the lowest swings since August last year.
Tron moved above the 50-day Exponential Moving Average, a sign that bulls are in control. It also moved above the Supertrend indicator. Therefore, the token will likely continue rising as buyers target the crucial resistance at $0.4492, its highest point in 2024.
No Comment! Be the first one.