Thursday, November 21, 2024
Home > News > Cryptocurrency Market > TRON Hits 95 Million Addresses Milestone, Will This Help Price?

TRON Hits 95 Million Addresses Milestone, Will This Help Price?

On-chain data shows the total number of addresses on the TRON network has exceeded the 95 million mark, a major milestone for the blockchain.

TRON Addresses Carrying A Balance Have Broken The 95 Million Mark

According to data from the market intelligence platform IntoTheBlock, TRON has far left behind other layer 1 networks like Cardano and Avalanche regarding its address growth.

Here, the analytics firm has used the total number of addresses on the blockchain carrying some non-zero balance to keep track of this network growth.

When these addresses with a balance go up, it means that either fresh investors are joining the network or old holders are returning. Either way, such a trend can be a positive sign for any cryptocurrency, as it suggests that some net adoption of the blockchain is going on.

On the other hand, a decline in the metric implies some investors have decided to clear out their wallets, a potential sign that they have decided to leave the network behind.

Now, here is a chart that shows the trend in the total addresses with a balance for TRON over the past few years:

The value of the metric seems to have been going up since a while now | Source: IntoTheBlock on X

As displayed in the above graph, the total number of TRON addresses with a balance has been rising for a while now and has recently hit a new record of more than 95 million.

“Quite an impressive number, considering other layer 1 networks like Cardano and Avalanche have fewer than 10 million addresses,” notes IntoTheBlock. “Layer 1” blockchains handle transactions and security independently, without being dependent on other networks.

Given the pace at which the TRON network has seen addresses open up, it would appear that users have been preferring the blockchain to some of the other layer 1 networks.

Now, what this adoption might imply for the price of TRX can be complicated. The chart shows that adoption has been up for the asset for years, but this hasn’t exactly translated into its price.

One thing that’s usually certain about adoption is that it provides a solid foundation for the network and is a good sign that the asset will be around in the long term.

TRX Price

The cryptocurrency sector as a whole has been racing up recently, with Bitcoin leading the charge with its returns of 20% over the past week. TRON, however, has lagged behind the market, mustering only 3% profits in the same period.

The chart below shows that the coin is currently trading around the $0.14 level.

TRON TRX Price Chart

Looks like the price of the asset has been heading up in recent weeks | Source: TRXUSD on TradingView

Regarding the market cap, TRX is currently the eleventh-ranked cryptocurrency. However, if the coin continues to be weaker than its competitors, it might slip down the list, as Chainlink (LINK), the twelfth largest coin, is currently closing the gap with its stronger returns.

TRON Market Cap

The market cap of the asset appears to be $12.6 billion at the moment | Source: CoinMarketCap

Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



Source