Sign Up on MEXCTron Network Display Active User Resilience Amid Price Onslaught
Highlights
- Tron Network has seen an uptick in its active user accounts
- This uptick, though uncommon is tied to its innovative offerings like stablecoin deployment
- As a Bitcoin and Ethereum rival, the price of TRX is also relatively performing better
Tron Network’s active user base has continued to grow, demonstrating resilience amidst market uncertainties.
Tron Network Less Perplexed by Broad Market Uncertainties
According to Ben Sizelove, an analyst at CryptoQuant, the Tron Network user base has increased since the beginning of this year.
It has also reportedly maintained near all-time high (ATH) levels even in the presence of market uncertainty and the selling pressure that is currently hitting the broader crypto market. He linked the continuous growth of the Tron Network and its user base to the unique applications across the TRON ecosystem such as payments, stablecoins, and real-world assets.
$TRON Network Maintains Resilient User Base Amid Market Uncertainty
“@trondao has exhibited a resilient user base as active users have grown since the start of the year and maintained near all-time high levels despite market uncertainty and sell pressure across the broader… pic.twitter.com/LJBfdXixvU
— CryptoQuant.com (@cryptoquant_com) July 5, 2024
Sizelove stated that these allowed the network to retain and grow its user base as the other networks struggle to find their footing. In terms of price, TRX is also on the resilient side. The coin has seen some value plunge but not to the level of Bitcoin (BTC), Ethereum (ETH) and other digital assets.
At the time of this writing, TRX was trading at $0.1272 with only a 0.45% decrease within the last 24 hours. This is unlike the other digital currencies that have registered between 10-12% drop in their value amidst intense market volatility.
The expectation of crypto enthusiasts is that TRX find support at $0.14 very soon. The resilience of active users may serve as the catalyst that the ecosystem requires to reach unprecedented levels.
Other Crypto Records Huge Losses
Noteworthy, most crypto networks are currently faced with negative sentiment, triggered by BTC selling pressure. Investors are suddenly more interested in liquidating their positions in the market; both long and short. The selling pressure is contributed by several factors including the frequency sales of Bitcoin by the German government and the United States government.
Additionally, defunct cryptocurrency exchange Mt.Gox finally decided to start paying off customers who were affected in its 2014 crash. To this end, the firm is releasing $9 billion in Bitcoin and Bitcoin Cash to the broader crypto market. This huge dump which has commenced already, is fueling selling pressure and ultimately, a gradual drop in BTC price.
Other digital currencies have been affected by the market performance of Bitcoin as is expected. However, Tron TRX and a few others are keeping the market alive with their remaining good metrics.
Read More: Will Terra Classic Price Lose $0.00006 Support Amid Market Sell-off?
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