Tron’s Long-Term Holder Addresses Experience Significant Growth
The Number of Addresses Holding Tron’s Native Token TRX for the Long Term Has Skyrocketed Over the Past 12 Months
According to data from the blockchain intelligence firm IntoTheBlock, the number of addresses holding Tron’s native token TRX for the long term has increased by 237% over the past year.
This remarkable growth is a testament to the strong confidence investors have in the network’s future. As more investors are willing to hold the cryptocurrency for a prolonged period, the increase in TRX’s long-term holder addresses indicates a positive sentiment around the token.
Rise in TRX Long-term Holders Reflects Growth and High Activity on the Tron Network
The Tron network has experienced significant growth and high activity over the past few weeks, with TRX being among the top-performing crypto assets in the market. The token’s 30% rise within the last two weeks in August placed it among the top ten cryptocurrencies by market cap, with a figure running above $14.5 billion.
Although TRX’s market cap had fallen to $13.3 billion at the time of writing, the token was still the 11th largest, surpassing Cardano (ADA) and Avalanche (AVAX). The asset’s price increase in August put all of its holders in profit, with a portion of its holders at the time of writing being in the money.
Stablecoin and Network Activity on the Rise
Besides the remarkable price movement of TRX and the growth of its long-term holder addresses, the Tron ecosystem has recorded high transaction volumes and revenue over the past few months.
In April, IntoTheBlock noted that the weekly transaction volume of Tether (USDT) on Tron was 2x the amount the stablecoin settled on the Ethereum network. In June, blockchain analytics platform Lookonchain found that the 24-hour trading volume of USDT on Tron hit $53 billion, exceeding the $42 billion in average daily trading volume of payment giant Visa for the first quarter of the year.
Last month, data from Token Terminal revealed that Tron had overtaken Ethereum in revenue generation. In the 90 days ending August 15, Tron accrued roughly $435 million in fees, while Ethereum recorded $364 million.
In addition, Tron’s new meme coin-creating platform, SunPump, has seen notable activity since its inception less than a month ago, facilitating the launch of more than 50,000 tokens.
Conclusion
The growth of TRX’s long-term holder addresses is a significant development for the Tron network and its investors. The increasing confidence in the network’s future is reflected in the remarkable price movement and high activity on the Tron network. As the token continues to gain traction, it will be interesting to see how its growth evolves over the coming months and years.
FAQs
- What is the current market capitalization of TRX? As of writing, TRX’s market capitalization is approximately $13.3 billion.
- What is the current price of TRX? As of writing, the current price of TRX is approximately $0.154.
- How has TRX’s market performance been in recent months? TRX has been among the top-performing crypto assets in the market, with a 30% rise within the last two weeks in August placing it among the top ten cryptocurrencies by market cap.
- What is the significance of TRX’s long-term holder addresses? The growth of TRX’s long-term holder addresses indicates strong confidence in the network’s future, as more investors are willing to hold the cryptocurrency for a prolonged period.
