The Tron network has surpassed Bitcoin and Ethereum in daily active addresses, likely due to its expanding stablecoins market.
Tron’s activity is growing, users are coming
Web3 projects and digital assets’ mainstream adoption has led major blockchains like Ethereum, Tron, and Solana to attract millions of users worldwide.
Data shows that the Tron network continues to lead in case of addresses, as the number of daily active addresses on the Tron network grew from 1.59 million in January to about 2.42 million in July, a 52 percent increase.
By comparison, the Bitcoin and Ethereum networks averaged about 691,000 and 631,000 daily active addresses in July, respectively.
Stablecoins are extemely popular on the Tron network
Tron’s rise in daily active addresses is largely due to the impressive growth in its stablecoin market.
In July alone, the market capitalization of stablecoins on the Tron network increased by around 2 percent, reaching an all-time high of about $59.2 billion.
Despite geopolitical concerns affecting Circle’s USDC support, Tron has seen nice growth in the total amount of Tether.
Right now the Tron network holds more than $60 billion in USDT, while the Ethereum network has about $50.7 billion in USDT.
By comparison, the total stablecoins market cap is around $164 billion, with an average daily trading volume of about $69 billion.
The Tron network has also seen pretty significant growth in its Web3 ecosystem, with a total value locked of about $8.14 billion. Tron’s TVL has grown exponentially since 2020, despite the so-called crypto winter.
TRX price, not the most exciting thing in the world
The market is in correction, triggered by Bitcoin’s drop below $65k, and Tron’s TRX has fallen around 5 percent over the past week, trading at about $0.129.
The TRX is a large-cap altcoin, with an $11 billion fully diluted valuation, still faced resistance around 14 cents and may be forming a reversal pattern.
On the weekly chart, TRX has formed a double top along with a bearish divergence in the Relative Strength Index.
Now many analysts and traders are afraid if the bearish trend continues, TRX have to find support around 11 cents.
