crypto.news
Justin Sun’s Tron token is in a tight range as the ongoing crypto sell-off continues, with Bitcoin falling below $60,000.
Tron (TRX) was trading at $0.1542, just a few points below its highest level this week. According to CoinGecko, it is the ninth-biggest cryptocurrency with a market cap of $13.3 billion.
TRX has outperformed other top ten cryptocurrencies in the last seven days as it rose by 0.97%. Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have retreated by 6.2%, 10.6%, and 10.5% in the same period.
Tron’s ecosystem is not doing well, with most meme coins in the recently launched SunPumpecosystem falling by double-digits. Sundog (SUNDOG), the biggest token in the ecosystem, has dropped by nearly 30% in the last seven days.
Similarly, Tron Bull Coin, Muncat, Suncat, and Vikita have fallen by more than 30% in the same period. The only SunPump meme coins doing well were Tron Bull and Tron Beer, which have jumped by over 16% and 40%.
Other parts of the Tron ecosystem are not doing well. For example, the total value locked in its DeFi ecosystem has dropped by 6.8% in the last 30 days to $7.6 billion, making it the second-biggest network after Ethereum.
Tron’s DEX volume has also moved to $425 million, making it the 9th biggest player in the industry. It has been passed by newer chains like Sui and Base, which handled $700 million and $4.5 billion in the last seven days.
Still, Tron has many positives. It has become the market leader in the stablecoin payment industry. Data by TronScan shows that its Tether transactions rose by 9.75% on Oct. 2 to $70 billion.
Tron is also the most profitable chains in the crypto industry, with over $1.37 billion in fees this year. Its third-quarter revenue rose to $577 million, higher than Bitcoin and Ethereum.
Tron price has stalled
Tron rose to a record high of $0.1690 on Aug. 26, and has dropped by 8.83%. It has remained above the 50-day and 25-day Exponential Moving Averages, meaning that bulls are in control for now.
However, signs indicate that it has formed a bearish flag chart pattern, a popular risky sign. If this pattern works out, Tron will likely slip to the key support at $0.1450, the highest swing in February this year.