Unraveling how Tron [TRX] Active addresses rise above BTC and ETH
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Unraveling how Tron [TRX] Active addresses rise above BTC and ETH

written by John Murphy | March 29, 2023

During a certain period, Tron TRX had more active addresses involved in its network than Bitcoin BTC and Ethereum ETH.

KEY TAKEAWAYS

  • TRON network witnessed an increase in active addresses and surpassed BTC and ETH
  • Despite the improved network activity, it is hard for the price to increase as well.

Active addresses refer to the number of unique addresses that take place on a crypto network, over a certain period of time. Which is typically within a 24-hr window.

It seems like TRON TRX might have outperformed its competitors BTC and ETH in terms of active addresses. as it reached 1.8 million while BTC and ETH were 902,000 and 518,000 respectively.

Having a high number of active addresses is considered a good sign for crypto as it indicates an increase in user activity and engagement with the network. However active addresses alone do not determine the growth of a network.

Is there more to come?

According to the data from TRONSCAN, there is more to TRON’s growth in the coming days than an increase in active addresses only. The data shows that TRON is continuing to gain more users, with more than 5 million transactions happening on the network a day before.

This further allowed the network to generate more revenue. Eventually ranked second by generated revenue on the list of blockchains. Coming behind Bitcoin.

Can TRON’s growth help uplift TRX?

Even though TRON has experienced a rise in network activity but its price is still declining. This makes its overall condition quite concerning.

Furthermore, there was around a 4% drop in TRX’s price in the last week. Currently, as per Coinmarketcap, it is trading at $0.060436 with a market cap of over $5.8 billion.

The data from Santiment suggests that the declining Binance funding rate indicates a decrease in the demand for TRX over the past week.

Source: Santiment

Moreover, TRX’s development activity also noticed a sharp decline. Despite the negative price action, TRX’s weighted sentiment showed a slight recovery on 26th March.