The price of Tron has been declining over the past eight days as the recent momentum in the ecosystem begins to fade.
Tron (TRX) was trading at $0.1565 on Monday, September 2, down more than 7% from its high this year. The drop has pushed its market cap to more than $13.5 billion.
Tron’s Key Metrics Drop
However, Tron has been one of the best performing major coins in recent weeks, jumping more than 44% from its August low and hitting a record high of $0.1690.
The token performed well after several major events during the month. The most notable was the launch of SunPump, the network’s token generator. In less than three weeks, thousands of memes were created, generating nearly $50 million In fees. The market cap of all meme coins in the ecosystem is over $493 million.
However, there have been signs recently that the Tron ecosystem is losing momentum. For example, Sundog (SUNDOG), the largest meme coin in the ecosystem, has fallen by more than 24% from its August high.
Other tokens like Suncat, SunWukong, FoFar, and Dragon Sun have also dropped by more than 50% in the past seven days.
Additional data shows that the total value of TRON locked on its decentralized exchange network has fallen by 8% in the past seven days to over $8.1 billion. The volume of tokens traded on TRON decentralized exchanges has increased by 1.2%. decreased by more than 21% In the past seven days.
Meanwhile, Tron’s open share in the futures market continued to decline. It moved to over $141 million on September 2, down from its August high of $234 million.
However, Tron is one of the most popular blockchains in the industry. Its network has brought in over $1.1 billion in revenue This year, making it the second most profitable blockchain in the industry. It also has over $59 billion in stablecoins and 2.24 million active addresses.
Tron price rally has slowed down
Tron’s price has been on an upward trend since hitting its lows in 2021, making it less correlated to Bitcoin (BTC) than other currencies. It surged to a record high of $0.1690 last month and has now fallen to $0.155.
Tron remains above the 50-day and 200-day EMAs and the key resistance point at $0.1451, its February swing high.
Therefore, there is a possibility that the token may drop to the psychological point of $0.15 and then resume its upward trend. Further upside will be confirmed if it rises above the year-to-date high of $0.1690.
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