The post Is Tron (TRX) Price Ready for a Major Breakout? On-Chain Metrics and Adoption Signal Growth appeared first on Coinpedia Fintech News
For the first time since May 2021, Tron (TRX) price has registered a daily close above 17 cents. The large-cap altcoin, with a fully diluted valuation (FDV) of about $15.2 billion, has seen its daily average traded volume more than triple in the last week to hover about $1.7 billion on Wednesday, November 13, during the early New York session.
As Bitcoin (BTC) price pumped to a new all-time high earlier this week, TRX price registered an 8 percent spike to reach a multi-year high of about $0.1914. Trading around $0.176 at the time of this writing, TRX price is now 24 percent away from the all-time high.
Main Reasons to Bet on Tron Rally This Cycle
Amid the mainstream adoption of digital assets and web3 protocols, the Tron network has emerged as a top contender among the growing list of layer one (L1) blockchains. According to the latest on-chain data, the Tron network has a total value locked (TVL) of about $7.26 billion and a stablecoins market cap of nearly $60 billion.
According to on-chain data provided by IntoTheBlock, the Tron network has been processing more than 50 million transactions per week since the beginning of this year. Consequently, the Tron network has so far processed over 8.9 billion transactions since inception and attracted more than 271 million account holders.
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The Tron network has significantly benefited from the mainstream adoption of its meme coins, led by Sundog (SUNDOG). As of this report, the Tron-based meme coins had a net market cap of about $281 million and a daily average traded volume of around $133 million.
As a result, the Tro network registered more than 2.4 million active addresses in the last 24 hours. Additionally, the Tron network reported net revenue of $9.13 million, mostly from the staking programs.