Tron (TRX) has suffered heavy losses after the market plunged in an overreaction amid macroeconomic concerns. According to Queen GeckoThe token has dropped by almost 6% since last week, but has since made a full 180% rally today, August 7. Since then, the ecosystem continues to surprise the community with its strength.
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With the market also resuming some form of recovery with percent With the overall market cap on the rise, TRX may see some growth in the coming days.
Tron remains profitable despite market bleeding
Without a bank released An in-depth look at on-chain profitability for several layer 1 and 2 blockchains, including Tron on their long list of blockchains.
What blockchains are actually profitable? 🤔
This is the data behind L1 and L2 networks that generate the most revenue and profits 💰🫰
Today, we will explore the top 4 L1 and L2 blockchains in terms of revenue, and explore how much revenue these blockchains actually hold.
to… pic.twitter.com/TgudtrlDvO
— Bankless (@BanklessHQ) August 1, 2024
According to their report, Tron is the most profitable chain with $271 million earned over the past year, while Solana is the least profitable with over $2 billion in negative territory.
Tron is called the “silent giant,” having generated a whopping $1.4 billion in revenue over the past year. This is due to the platform’s heavy investment in stablecoins, thus boosting its stablecoin activity right after Ethereum, the world’s second most popular blockchain.
Another development that will increase stablecoin activity on the platform is TokenPocket, a cryptocurrency wallet provider, which offers: feature Tether (USDT) is used to pay gas fees on TRX, providing convenience for users who want to use Tron despite not owning any of the tokens themselves.
✅Use $USDT To cover gas charges on #Tron Network via TokenPocket!
Check out how @cointelegraph Offers this feature! @Trondao #Tron 👇https://t.co/90Kiwkc40W
— Token Pocket (@TokenPocket_TP) August 3, 2024
How has this affected Tron’s market position? Well, the answer lies in the ever-growing statistics that show a strong and growing community over the long term. According to Tron’s official press release, websiteThe platform has processed over $8 billion in transactions with a total value locked (TVL) of $19.6 billion.
Long-term growth is guaranteed at these levels.
The current status of the token amidst the bear market is fairly stable, consolidating around $0.1229 and $0.1271. TRX bears have already used this price range earlier this year, which puts more pressure on the bears to hold onto this support range for a future breakout.
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TRX moves alongside Ethereum in the same way that ETH follows Bitcoin within the broader market. This could help improve the token’s performance in the future as the market typically follows the two major cryptocurrencies as a barometer of how bullish or bearish the broader market is.
As with Bitcoin Recovery While TRX price is slowing down significantly, it may struggle to breakout in the short term. However, that doesn’t diminish the possibility of a bullish breakout in mid-to-late August, when Bitcoin and Ethereum may actually recover from this week’s overreaction in the market.
However, the volatile nature of the market at the moment could also hamper any further attempt at an upside move in the near term. Hence, bulls should continue to hold onto the $0.1229-0.1271 price range to ensure a strong breakout in the long term.
Featured image by Publish0x, chart by TradingView