- Recent data indicates that stablecoins on Tron have surged by $396 million over the last week, demonstrating an increase in network activity.
- In the past 24 hours, the TRX blockchain generated the highest fees, totaling $1.3 million.
- A rising wave of memes on the TRON blockchain may serve as a significant driver for ecological expansion.
Recent data reveals that the value of stablecoins on Tron (TRX) has grown by $396 million in the last week, indicating a surge in network activity. Furthermore, analytics show that the TRX blockchain generated the highest fees in the last 24 hours, with a total of $1.3 million. The rise of meme culture on the TRON blockchain could potentially act as a catalyst for ecosystem growth.
Increase in Tron Stablecoin Activity
As per the recent data, the combined value of the stablecoins USDT and USDC on Tron has risen by $396 million over the past week. The growth in stablecoin transactions on TRON’s blockchain indicates an increase in user confidence and usage, likely spurred by the network’s fast and economical transaction capabilities.
Additionally, the value of stablecoins on the Tron blockchain has been on a consistent upward trend since the beginning of January. Current market capitalization for stablecoins is approximately $66.91 billion. This active engagement with stablecoins contributes to a positive outlook, as it enhances network activity, supports the burning mechanism with USDD, and may attract more users to the ecosystem.
Stablecoins on Tron chart.
Analytics show that TRX blockchain generated the most fees in the last 24 hours, reaching $1.3 million, outpacing major networks such as Ethereum (ETH) and Solana (SOL), as illustrated in the accompanying graph.
Top Fees chart.
The growth of a meme trend on the TRON blockchain could serve as an important driver for ecological advancement. The community is actively involved in initiatives such as the TRON Meme King Challenge, showcasing robust grassroots participation and enthusiasm. The announcement on March 18 regarding the upcoming support for TRX tokens on the Solana blockchain further reinforces a bullish sentiment around TRX.
Tron Price Outlook: TRX Maintains Support at $0.21
Recently, TRON’s price found support near the 200-day Exponential Moving Average (EMA) at $0.21 after facing a pullback from the weekly resistance level of $0.24 previously. At the time of this writing on Tuesday, it is trading slightly above $0.23.
If TRX manages to break and secure a close above the weekly resistance at $0.24, it could see an upward movement to test the next daily resistance level at $0.27.
The Relative Strength Index (RSI) on the daily chart is currently at 49 and is trending upward towards the neutral 50 level, indicating that bearish momentum is diminishing. For bullish momentum to persist, the RSI needs to exceed the neutral threshold of 50.
TRX/USDT daily chart.
Conversely, if TRX cannot sustain support at the 200-day EMA around $0.21 and closes below this level, it may lead to a decline, retesting the December 2 low of $0.20.