- Tron's TRX token price has jumped by more than 117% from its lowest point in 2023.
- Tron's network generated almost $1 billion in fees in the past 365 days.
- Tron's DeFi Total Value Locked (TVL) has risen to over $8 billion.
Tron price has moved sideways in the past few days as investors wait for the next catalyst. The TRX token was trading at $0.1085 on Thursday, a few points below last year’s high of $0.1127. It has risen by over 116% from its lowest level in 2023.
Tron growth stalling?
Tron has been one of the best-performing players in the blockchain industry. It has attracted more assets into its ecosystem in the past few years, making it a pivotal player in the ecosystem.
Data compiled by DeFi Llama places its Total Value Locked (TVL) at over $8 billion, making it the second-biggest chain after Ethereum. A separate report in TronScan shows that this TVL figure stands at over $20 billion.
In addition, the number of Tron accounts has grown in the past few years. It now has over 204.7 million total accounts, higher than all crypto networks. Also, the total number of transactions in the past 24 hours jumped by over 4.7 million to over 6.9 billion.
The other important metric is that Tron is one of the most profitable networks in the crypto industry. Data by TokenTerminal shows that the cumulative fees jumped to over $994 million in the past 365 days. It came second after Ethereum, which made over $2.4 billion.
There are other notable metrics where Tron dominates. For example, Tron is one of the top players in the stablecoin industry. Data shows that Tron has over $49 billion in stablecoins in its ecosystem. This is notable since the combined market cap of all stablecoins stands at over $130 billion.
Meanwhile, JustLend, the biggest DeFi platform on Tron is the 4th biggest one in the industry after Lido, Maker, and Aave. It has over $6.5 billion in total assets. Further, stUSDT has over $2.2 billion in assets while JustStables has $1.2 billion.
The key challenge for Tron and its ecosystem is its close association with Justin Sun, the founder. Sun, Tron Foundation, BitTorrent Foundation, and Rainberry have been sued by the SEC. The SEC alleged that Sun illegally manipulated the secondary market for TRX through wash trading. It also charged them with offering unregistered securities.
Tron price prediction
Turning to the daily chart, we see that the TRX price has been in a consolidation phase in the past few weeks. It has remained between $0.1127 and $0.10. Along the way, the coin remains above the 50-day and 100-day moving averages.
The Relative Strength Index (RSI) and the Stochastic Oscillator have formed a bearish divergence pattern. Therefore, the outlook for Tron token is neutral, with the key support and resistance point to watch will be at $0.10 and $0.1127.
