- TRX completed 5 billion transactions and also surpassed others in terms of stablecoin market capitalization
- However, TVL declined and market indicators remained bearish
on TRON last message is a testament to his efforts to increase the global adoption and use of TRX. TRON has announced a partnership with the Commonwealth of Dominica to usher in a new era of Web 3.0. This is mentioned in the official announcement THRONE will develop the first Caribbean digital identity initiative, which includes the creation of the Dominica Metaverse, as well as the operation of the Dominica Digital Identity (DDID) and Dominica Coin (DMC) programs.
#THRONE will help develop the digital ID program for the Dominica Metaverse! 🇩🇲
“…this partnership recognizes Dominica’s potential to lead the way in this innovative technology…” 🚀
Since @CryptoSlate below ⬇️https://t.co/J9l0C9gfgu
— TRON DAO (@trondao) March 7, 2023
Read it on TRON [TRX] Price forecast 2023-24
Similar growth in the chain
A similar rate of growth and increased adoption was also noted when it came to the performance of the TRON network. In fact, TRON recently reached a new milestone by successfully completing 5 billion transactions, proving the network’s reliability and high usage.
#THRONE just reached a huge milestone of over 5 billion total transactions!🔥
To save #construction the future of #crypto together!🚀 #TRONSstrong pic.twitter.com/l2oAE5e8VZ
— TRON DAO (@trondao) March 6, 2023
Not only that, but TRX it was only second to Ethereum [ETH] in terms of the total market capitalization of stablecoins. In fact, TRON’s stablecoin market capitalization reached $36.4 billion – significantly higher than BNB Chain’s [BNB]Solana [SOL]and a polygon [MATIC].
#THRONE ranks second after #Ethereum in the total market cap of stablecoins pre #Binance, #Solanaand #Polygon 🔥 pic.twitter.com/UwwsCdYYb1
— TRON Community (@TronixTrx) March 6, 2023
However, the value of the network registered a decline
However, despite greater adoption and usage, Tron’s network value doesn’t seem to be following the same trend.
In fact, DeFiLlama data revealed that TRON’s total locked value (TVL) has been in a sustained decline over the past week.
At press time, TRON’s TVL is down more than 2% in the last 24 hours. While a potential reason for the drop in value could be TRX’s price action, which has been in favor of the bears, a look at TRX’s on-chain performance suggests that other factors are also at play.
Is TRON Demand Declining?
Santiment data also revealed that Binance’s TRON funding rate has dropped significantly over the past few days. This is a negative development as it reflects less demand for the token in the futures market.
In addition, weighted sentiment remained on the negative side, suggesting less confidence among investors in the THRONE. Network development activity also decreased last week, which overall looked worrisome for TRON.
Is your portfolio green? Check it out TRON Profit Calculator
Investors can expect this from TRX
TRX’s performance on the price front has been disappointing, thanks to the prevailing bearish sentiment in the market. According to CoinMarketCap, TRX has fallen by more than 3% in the past seven days. At the time of writing, it was trading at $0.06714.
TRXThe daily chart suggests that a similar performance can be expected in the coming days as most of the market indicators were bearish. For example, MACD revealed the superiority of sellers in the market. TRX’s Chaikin Cash Flow (CMF) has seen a sharp drop, increasing the possibility of a price drop.
The Relative Strength Index (RSI) was in the neutral zone. Nevertheless, TRX’s Money Flow Index (MFI) has gained upward momentum – a bullish signal.
#milestone #Tron #TRXbut