- Tron’s total value locked (TVL) growth outpaces almost all top networks, except for Ethereum, reaching $5.79 billion.
- Following the positive outcome of the SEC-Ripple case, Tron’s native cryptocurrency TRX experienced a substantial increase, pushing its market cap to a new monthly high.
As the world of blockchain continues to evolve, Tron is standing out, having experienced substantial growth in its Total Value Locked (TVL), which now outperforms nearly all top networks, excluding Ethereum.
Tron’s TVL Growth: A Triumph Over Market Titans
A recent analysis of the leading blockchain networks by TVL demonstrated Tron’s robust performance in the first half of 2023. It stood second only to Ethereum, reflecting the enormous liquidity that Tron’s growth has attracted. At the time of writing, Tron’s TVL was approximately $5.79 billion, marking a significant rise from its year-to-date low of just over $4 billion, though falling short of its all-time high peak of $6.7 billion set in November 2021.
#TRON just burned 17,506,608 #TRX on July 17th 🔥 showcasing a commitment to deflation & value growth 🚀 With a net negative production ratio of -12,439,217 🤯 pic.twitter.com/1VewUVmLYz
— TRON Community (@TronixTrx) July 18, 2023
Tron’s TVL growth is a testament to the consistent and strong development the network has experienced over the past few months. Just for context, the number of users on the Tron network crossed the 1 million mark in July 2021, and the latest figures reveal that this number has now doubled to more than 2 million users as of July 2023.
>> Buy TRON quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with TRX now. Visit Website <<
Tron’s native cryptocurrency, TRX, has directly benefited from this healthy growth. This is evident from its market cap, which reached a new monthly high of over $7.3 billion, equating to a growth of around $1 billion from its lowest level in the past four weeks.
The SEC-Ripple Case: A Springboard for TRX?
The bullish volume observed recently has significantly contributed to the TRX’s market cap surge over the last 24 hours. This volume spike coincided with the announcement of Ripple’s legal victory over the SEC, a development that has reignited buying pressure across the cryptocurrency market.
TRX enjoyed a rebound of more than 5% on July 13th, and is now fast approaching its June highs. Surpassing this level would enable TRX to enter into a new 12-month high territory.
However, as market conditions continue to improve and TRX’s bullish prospects increase, it’s crucial to note that TRX is nearing overbought territory. This means it might face a surge in sell pressure due to short-term profit-taking, a typical market reaction after a rapid price increase. Thus, investors and traders must stay alert to these market dynamics.
Best Crypto Exchange for Everyone:
- Invest in TRON and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
