What Investors Need to Know as Tron (TRX) Appears Steady

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The Tron blockchain has seen an impressive performance since its inception. The platform has recorded a transaction count totaling 3,481,985,024, housing more than 100,000,000 accounts.

Coin98, a blockchain analytics firm, revealed Tron ranked 2nd in the top ten blockchain list. The network’s total locked volume stood at 3,917,818,257.

That meant the highest number in 2022 first half behind the Ethereum chain. TRX ranks 13th on Coinmarketcap, with its market cap at $6.35 billion. However, how did the alternative token fared over the past six months as the Tron blockchain enjoyed lucrative growth?

Steady Price Growth

Tron opened this year at $0.075. Moreover, the April market-wide bloodbath worsened the case for the already sinking alt, resulting in the $0.05 lows. Meanwhile, May’s initial weeks saw bulls triggering an upside rally that pushed TRX to $0.08.

A bearish retracement followed before bulls dominated again, to end May around the $0.081 highs. Meanwhile, TRX resorted to steady declines after hitting the $0.088 peak on June 1.

That had the token ending the year’s initial half at $0.068. The Tron token lost 9% of its value within the 6-month timeframe. Moreover, the period saw TRX’s market cap plunging to $5.85 billion from $7.77 billion.

On-Chain Metrics Over Past Six Months

Santiment data shows whale TRX supply gradually plunged within the previous six months. The metric lost 21% within the timeframe, ending June at 44. On the development side, Tron recorded a 40% surge during the phase under review.

Meanwhile, the social metric touched multiple highs and lows in the 2022 first half. Tron recorded a 32% decline in social dominance over that timeframe. Also, its social volume witnessed a 46% 6-month slump.

Meanwhile, the broad market has remained within bearish hands since this year started. Bearish tendencies saw Bitcoin plunging towards 18-month lows.

While publishing this blog, the leading crypto hovers weakly at $20,022, exhibiting a pessimistic outlook. Also, the overall market capitalization surrendered the $1 trillion zone, changing hands near $904.08 billion at this publication. It lost 1.17% over the last day.

Stay tuned for upcoming developments.


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