- Tron network has surpassed four billion transactions, fueling a bullish sentiment among TRX holders.
- Weighted social sentiment and development activity on Tron lag behind, despite enthusiasm among buyers.
- The Tron blockchain added 4.8 million transactions in the past 24 hours.
Amidst rumors of Justin Sun-linked firm’s acquisition of Huobi and the ongoing bear market, Tron network surpassed four billion transactions. Tron buyers pushed the asset’s price higher despite declining development activity on the blockchain.
Also read: Chainlink price: LINK and XRP price rallies will outperform Bitcoin, Ethereum in bear market
Rumors of Huobi acquisition abound, Tron sets new record
Justin Sun, the founder of Tron is rumored to be the real buyer of crypto exchange Huobi. Sources close to the matter reveal that Sun acquired Huobi with help from Samuel Bankman-Fried of FTX exchange.
Amidst the rumors, Tron network hit a new milestone. The total number of blockchain transactions surpassed the 4 billion mark. In the past 24 hours, the Tron blockchain added 4,812,800 transactions and the total value locked in TRX exceeded $12.5 billion. The total number of accounts on the network crossed 115 million after Tron became the second-largest public chain.
Red flags: Weighted social sentiment, development activity lag
Despite the recent enthusiasm among buyers, the weighted social sentiment among investors has remained relatively bearish. There is no significant increase in development activity on the Tron blockchain. Development activity is considered an indicator of a project’s relevance and future utility. At the same time, social sentiment is an indicator of future price trend or upcoming reversals in an asset.
Looking at TRX on-chain metrics, it is evident that development activity has fallen to all-time low levels and large wallet investors’ confidence in Tron remains low.
The percentage of stablecoin total supply held by whales is an indicator of their confidence in the asset. If the supply held by whales is low, as is the case with TRON, there is low confidence from whales.
Percentage of stablecoin total supply held by Tron whales
Nevertheless, analysts at BeInCrypto believe Tron price could exceed the $0.065 level owing to the bullish momentum in the spot market and futures sentiment. An invalidation of the above long-term bearish thesis could push TRX price above the upper resistance at $0.070.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Cardano price coils up for a 15% rally as 6.61 million ADA net flow value comes in
Cardano (ADA) price appears to be ready to finally break out from the consolidation after flipping above a crucial roadblock. The optimism comes as the ADA token recorded a massive spike in large transactions nearing 35,000 in 48 hours.
Ripple price eyes 25% breakout as XRP community anticipates June 13
Ripple price is coiling up for a breakout amid revitalized optimism in the community, counting the days to June 13. XRP could explode 25% to new range highs, levels last seen in May 2022. Invalidation of this bullish outlook will occur upon a daily candlestick close below $0.49.
Shiba Inu tests 50-MA despite whales accumulating billions of SHIB tokens
Shiba Inu (SHIB) price has favored the bulls for a week now, extending its gains for the second consecutive session. This comes as sentiment across the crypto market continues to improve, initiated by the crypto king, Bitcoin (BTC).
Ethereum price at catch-22, pressed between this bullish outlook and a waning of momentum
Ethereum (ETH) price is trading with a bullish bias, following Bitcoin's (BTC) heels. The Proof-of-Stake (PoS) token is up a staggering 60% in 2023, which is no mean feat considering the gloomy outlook in the market, characterized by the extended bear market.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.