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Tron (TRX) dominated trends on Thursday, maintaining an upside stance as Bitcoin threatens a plunge below $64K.
The altcoin saw magnified activity the previous day, with daily transactions touching the 7.2 million all-time high.
Daily transactions on Tron are at an all-time high of 7.2 million!
— TOBTC (@_TOBTC) July 25, 2024
Just one year ago, daily transactions were at 4.8 million – that's a 50% increase!#Bitcoin #BTC #Crypto #LQR #LaqiraProtocol pic.twitter.com/cHoKMV2ZAS
That denotes a remarkable 50% year-over-year surge from 4.8 million, a significant milestone for the Tron blockchain.
The figures saw Tron surpassing the top alt Ethereum (ETH) in transaction count.
The surge in user activity has propelled Tron’s total transactions past 8.1 billion, eclipsing Ether’s 2.45 billion.
👏Congratulations! The total transactions on #TRON exceeded 8.1 billion.#TRON now has over 245M total accounts and 8.1B total transactions. #TRONSCAN pic.twitter.com/1YOsuFjxhk
— TRONSCAN (@TRONSCAN_ORG) July 23, 2024
The massive growth underscores the impressive utility and growing Tron adoption in the crypto world.
Tether propels Tron transactions
The payments firm contributed to TRX’s surged transfers. Tether issued new USDT tokens worth $1 billion on the Tron network on 24 July.
Tether has minted $1 billion worth of its USDT stablecoin on the Tron blockchain, opting for a cost-efficient method that sidesteps transaction fees. #tether #usdt #tron #cryptonews #thecryptocountry #cryptostan #worldofcrypto pic.twitter.com/IoNwuKS7uJ
— Cryptostan.official (@The_Cryptostan) July 25, 2024
Factors such as speed and friendly fees see users increasingly using Tron for USDT transfers over Ethereum.
Such trends have seen Tron outshining global enterprises like Visa in transaction volume.
Founder Justin Sun has remained vocal in promoting the project, predicting massive growth for the TRX ecosystem by 2024-end.
The blockchain has attracted massive users amid continued efforts to decentralize the internet.
TRX accounts exceed 246 million
🎉🎉🎉Congratulations!!! #TRON’s total accounts have reached 246,009,459, exceeding 246 million! #TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
— TRONSCAN (@TRONSCAN_ORG) July 24, 2024
🥰Appreciation to all #TRONICS! pic.twitter.com/wHdh91R8ZD
The latest stats show Tron boasts over 246 million total accounts. That’s a crucial milestone, demonstrating user confidence in the project’s potential.
The immense user base will contribute to Tron’s stability, cementing its status as one of the top assets in the crypto sector.
TRX’s current price action
The latest ecosystem developments have kept the altcoin afloat. Tron maintained bullish prices even as Bitcoin dropped over 3% in the past day.
TRX gained 1.40% in the last 24 hours to trade at $0.1360.
The elevated daily trading volume highlights trader enthusiasm behind the altcoin. Tron price has displayed resilience amid the sideways broad market movements.
It remained stable in the past seven days, with notable fluctuations leaving TRX up 1.45% on its weekly timeframe.
Continued bullishness could push Tron past $0.15 to open doors for $0.2 before massive actions toward $3. Nonetheless, technical indicators suggest TRX could succumb to broad market bearishness (in the near term).
The AO (Awesome Oscillator) flashes fading green bars, indicating a weakening momentum, matching the Average Directional Index’s downtrend.
The Moving Average Convergence Divergence supports a bearish stance as the MACD line sways near the signal line.
That shows potential stability with inadequate momentum. Beaten sentiments in the coming sessions could see TRX’s price steadying at $0.13.
Amplified bearishness could trigger slumps to $0.12 before dire cases call for the $0.1 support barrier.
Nevertheless, the massive user base and amplified transactions will skyrocket TRX to record highs in the coming bull rally.
The post Tron hits ATH in this vital metric as TRX's total user accounts surpass 246 M appeared first on Invezz