Tron price: Tron holders bullish as blockchain breaks record, surpasses 4 billion transactions
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
