What Tron (TRX) Enthusiasts Need to Know Before Going All

Tron (TRX), currently ranking 14h in market capitalization, hit the news lately after collaborating with the Dominican administration. Tron capitalized on this hype, recording increasing accounts. Nevertheless, Tron’s TVL and Dapp activity suffered massively in that timeframe.

Tron’s Growth

Data by TRONSCAN shows accounts on the Tron blockchain touched another milestone, hitting 117 million users. Nevertheless, Tron didn’t reflect the increased user metric on other fronts. For example, leading decentralized applications on the Tron blockchain recorded plummets in unique platform users.

Protocols like Tron Bank, JustLend, and SunSwap saw new active users decline within the past seven days. The dip in Dapp’s interest might have contributed to Tron’s total value-locked slump. DeFiLlama data shows this metric maintained steady declines since early October. While publishing this blog, Tron had its TVL at $1.25 billion.

Nevertheless, stakers continued to support TRX, regardless of the dipped Dapp activity and deteriorated TVL. DeFiLlama confirmed increased stakers over time. While publishing this blog, the network exhibited 305K stakers, reflecting a 1.17% increase within the past 30 days.

Meanwhile, the broad crypto community maintained a negative stance on Tron, despite the consistent loyalty by TRX stakers. The faded sentiment had Tron’s social mentions plunging. The previous week saw the asset’s social mentions decline by 18.5%.

Meanwhile, crypto saw development activity surge within the past few days. That might indicate impending new upgrades and updates. Introducing new updates could be critical in shifting public sentiment to positive in the near term.

While writing this news, TRX traded at $0.06, following a 0.17% drop within the past 24 hours. That comes as the overall crypto space saw downward actions over the previous day. Indeed, bears have confirmed their superiority by lowering prices after upside attempts.

The global cryptocurrency market cap declined by 0.02% over the last 24 hours to $931.19 billion. Meanwhile, the total market volume gained 6.52% on the day to $51 billion. Also, Bitcoin reflected bearishness. The bellwether crypto lost 0.04% overnight to change hands at $19,316. BTC should overcome the hurdles at $19.6K and $20.5K for sustained uptrends.

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