TRX has been on a rollercoaster ride since peaking at $0.45 just three weeks ago, it’s currently hovering between $0.22 and $0.26, but don’t let that gloomy price chart fool you.
There’s more happening beneath the surface.
Fee revenue hits new highs
CryptoQuant shared that TRON has just smashed its previous records for fee revenue, because in October 2024, the TRON blockchain pulled in over $200 million in fees, and November kept the momentum going with fees exceeding $180 million.
To put that into perspective, back in November 2022, TRON only brought in $32.6 million, and it jumped to $102.3 million last year.
That’s a sevenfold increase from 2022 and nearly double from 2023! Clearly, more people are getting involved with TRON, which bodes well for its native token, TRX.
TRX to the Moon?
Now, while TRON is raking in those fees, TRX has had its fair share of challenges, because it looks like it hasn’t quite kept pace with the network’s growing activity. But there are signs that a turnaround might be on the horizon.
For starters, TRX’s RSI just made a bullish crossover, suggesting that buyers are stepping back into the market and taking control. More buyers typically mean more upward pressure on prices, and this is always a good sign!
Adding to the optimism is the Relative Vigor Index, which also showed a bullish crossover in the days. This signals that TRX is gaining momentum as the downward pressure eases up.
And here’s another nugget of good news, as TRX’s Binance funding rate has stayed positive for the past five days.
This shows there’s strong demand for long positions, so investors are willing to pay extra to hold onto their trades because they expect prices to rise.
Whale activity
Let’s not forget about the big players in the game, because whales, large holders have been making some noise with inflows hitting 321.45 million over the past week.
When whales are buying, it often signals confidence in potential price gains ahead.
