Tron’s prospects look good after the robust growth it achieved in 2023. TRX could benefit from the network growth but only if the market is aligned positively. Crypto-savvy observers and enthusiasts may have noticed that the Tron blockchain network has been receiving an increasing share of the spotlight. This has been the case for the […]
The network also registered a 67.9% annual growth in the number of active accounts. This means there were more recurrent users on the network during the year. Such growth was bound to yield more transactions. This is why Tron managed to cross the 4 billion transactions milestone recently.Tron was able to tap into growth opportunities thanks to stablecoins. According to the recent update, it ranked second in terms of stablecoin volumes. This robust growth and potential did not go unnoticed.
Perhaps this robust growth will trickle down into TRX’s value, especially in 2023. TRX has enjoyed some recovery so far but 43% is within the normal range of the recent bull run.Based on the above performance, TRX has not befitted much from the robust growth that the Tron network achieved in 2022. The prevalence of the bear market during the last 12 months is a plausible reason for this.
Now that the market is starting to recover, there is a higher chance that organic growth may contribute more to TRX’s value. A major short-term move may not necessarily be on the table especially now that investors are not very optimistic according to the weighted sentiment.We did see a surge in volatility as the prices went up in the last few weeks. However, the volatility is now
, which aligns with the unfavorable weighted sentiment. This suggests that short-term expectations may not really favor the bulls.The same case applies to the demand from the derivatives market. The Binance funding rate dipped slightly in the last few days. Onchain volume has also been relatively flat, confirming that the market enthusiasm and demand are cooling down.If Tron’s growth reflects in TRX’s value then holders of the cryptocurrency might be in for a strong rally.
because the bearish market conditions have also disfavored the coin despite the impressive network performance. Investors should thus also gauge their expectations based on overall market conditions.Subscribe to get it daily in your inbox.
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