Tron (TRX) Shows Resilience Amid Market Downturn, May Experience Growth in the Coming Days
- WBOYOriginal
- 2024-08-08 15:21:21913browse
Tron (TRX) faced significant losses recently as the market reacted sharply to macroeconomic fears. According to CoinGecko, the token fell nearly 6% last week
Cryptocurrency Tron (TRX) faced significant losses recently as the market reacted sharply to macroeconomic fears. According to CoinGecko, the token fell nearly 6% last week but has since rebounded, showing a nearly 1% gain as of today, August 7th. This resilience continues to impress the community.
As the broader market shows signs of recovery with a slight uptick in total market cap, TRX may experience growth in the coming days. Despite the market downturn, Tron remains profitable. A recent report by Bankless delved into the on-chain profitability of several layer 1 and layer 2 networks, and Tron was among them.
According to their findings, Tron is the most profitable chain, earning $271 million in the past year. In stark contrast, Solana posted a loss exceeding $2 billion. Tron’s impressive revenue of $1.4 billion over the last year is largely attributed to its substantial investment in stablecoins, which positions it just behind Ethereum in terms of stablecoin activity.
Further boosting stablecoin usage on Tron, TokenPocket, a crypto wallet provider, has introduced a feature allowing users to pay gas fees using Tether (USDT), which will benefit those who don’t hold TRX. This development has stirred interest in Tron, which has processed over $8 billion in transactions and boasts a total value locked (TVL) of $19.6 billion, according to its official website. TRX is currently trading at $0.124.
The token’s stable positioning between $0.1229 and $0.1271 this year puts pressure on the bulls to maintain this support range for a future breakout. TRX’s movements often mirror Ethereum’s, much like ETH follows Bitcoin, serving as a market gauge.
While Bitcoin’s rebound has slowed, possibly hindering TRX’s short-term breakthrough, mid to late August holds potential for a bullish turn if Bitcoin and Ethereum recover from recent market overreactions. However, the market’s volatility could obstruct any short-term upward movement, making it crucial for bulls to maintain the $0.1229-$0.1271 range for long-term strength.
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