Tron (TRX) has been taking steps to increase adoption, and its efforts have recently paid off with the total number of accounts on Tron exceeding 156 million as reported by TRONSCAN on April 27th. This achievement strengthens Tron’s position as the top blockchain in terms of daily active users, ahead of Binance Coin (BNB) by more than 900,000. Bitcoin (BTC) is also in the top three on the list.
Tron founder Justin Sun earlier this year expressed confidence that China would eventually accept Tron. This possibility was again highlighted by the Tron Community, which tweeted that China could be a country planning to accept Tron as legal tender. If this becomes a reality, it could be a major breakthrough for Tron, as China is a key player in the BRICS – an association of nations that aims to challenge the US dollar monopoly in global trade. China’s adoption could impact others and change Tron’s fortunes for the better.
In addition to increased adoption, Tron has seen growth in staking, which was previously on a downward trend. TRONSCAN data shows that TRX total staking has gained momentum since April 19, with a stake rate of over 48%. The health of Tron’s network also seems to be on point, as seen by Total Value Locked (TVL), which is improving according to DeFiLlama’s charts. This bodes well for the network’s overall health.
However, despite the positive developments, TRX has failed to register any gains over the past week. According to CoinMarketCap, TRX only edged up in price last week, and is currently trading at $0.06616 with a market capitalization of over $5.9 billion.
Looking at the Santiment chart reveals some of the metrics working against TRX. For example, TRX’s funding levels fell significantly, indicating low demand in the futures market. The token’s social dominance has also fallen over the past week, and its development activity has decreased.
However, Coinglass reports that TRX open interest is decreasing, suggesting that the market is closing. This suggests that the current price trend is coming to an end, and TRX has the potential to record profits in the coming days.
In conclusion, Tron’s recent achievements are noteworthy, and his efforts to increase adoption are paying off. However, cryptocurrency prices haven’t fully reflected this development, and several metrics are currently working against it. Nonetheless, a decrease in open interest indicates that TRX’s current price trend is coming to an end, and could see future gains.