{"id":633698,"date":"2024-08-07T15:30:02","date_gmt":"2024-08-07T15:30:02","guid":{"rendered":"https:\/\/wncen.com\/?p=633698"},"modified":"2024-08-07T09:52:39","modified_gmt":"2024-08-07T09:52:39","slug":"tron-lost-10-since-last-week-is-there-a-saving-grace-ahead","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tron-lost-10-since-last-week-is-there-a-saving-grace-ahead\/","title":{"rendered":"Tron Lost 10% Since Last Week – Is There A Saving Grace Ahead?"},"content":{"rendered":"

Tron (TRX) faced huge losses after the market swung downward in a strong overreaction amidst macroeconomic fears. According to <\/span>CoinGecko<\/span><\/a>, the token is down nearly 6% since last week but has since turned a full 180 gaining almost a percent today, August 7th. Since then, the ecosystem continues to surprise the community with its strength<\/span><\/p>\n

Related Reading: ATOM Blows Up 10% After Significant Sell Pressure<\/a><\/div>\n

As the market also resumes some form of recovery with a <\/span>percent<\/span><\/a> uptick in the total market cap, TRX might see some growth in the coming days.\u00a0<\/span><\/p>\n

Tron Remains Profitable Despite Market Bleed<\/strong><\/h2>\n

Bankless <\/span>released<\/span><\/a> a deep dive on the on-chain profitability of several layer 1s and layer 2s, including Tron on their long list of blockchains.\u00a0<\/span><\/p>\n

\n

Which blockchains are actually profitable? \ud83e\udd14<\/p>\n

This is the data behind the L1 and L2 networks driving the most revenue and earnings \ud83d\udcb0\ud83e\udef0<\/p>\n

Today, we\u2019ll explore the top 4 L1s and L2s by revenue, and explore just how much of the revenues that these blockchains actually keep.<\/p>\n

For\u2026 pic.twitter.com\/TgudtrlDvO<\/a><\/p>\n

\u2014 Bankless (@BanklessHQ) August 1, 2024<\/a><\/p><\/blockquote>\n

According to their report, Tron is the most profitable chain at $271 million earned over the past year, with Solana being the lowest with over $2 billion in the negative.<\/span><\/p>\n

\"\"<\/p>\n

Tron is touted as a \u201csilent giant\u201d, boasting a whopping $1.4 billion in revenue over the past year. This is because of the platform’s significant investment in stablecoins, thus propping their stablecoin activity just behind Ethereum, the second-most prominent blockchain in the world. <\/span><\/p>\n

Another development that will increase stablecoin activity on the platform is TokenPocket, a crypto wallet provider, introducing a <\/span>feature<\/span><\/a> that uses Tether (USDT) to pay gas fees on TRX, providing convenience for users who want to use Tron despite not holding any of the token itself.\u00a0<\/span><\/p>\n

\n

\u2705Use $USDT<\/a> to cover gas fees on the #TRON<\/a> network via TokenPocket!<\/p>\n

Check out how @Cointelegraph<\/a> introduces this feature! @trondao<\/a> #TRON<\/a> \ud83d\udc47https:\/\/t.co\/90Kiwkc40W<\/a><\/p>\n

\u2014 TokenPocket (@TokenPocket_TP) August 3, 2024<\/a><\/p><\/blockquote>\n

How did this affect Tron\u2019s position in the market? Well, the answer lies in the ever-growing stats that show a strong and growing community in the long run. According to Tron\u2019s official <\/span>website<\/span><\/a>, the platform has processed over $8 billion in transactions with a whopping $19.6 billion in total value locked (TVL).\u00a0<\/span><\/p>\n

TRX is currently trading at $0.124. Chart: TradingView<\/a><\/figcaption><\/figure>\n

Long-Term Growth Is Guaranteed At These Levels<\/strong><\/h2>\n

The token\u2019s current positioning amid the bearish market is somewhat stable, settling around $0.1229 and $0.1271. TRX bears have already used this price range earlier this year which puts more pressure on the bulls to hold on to this support range for a future breakthrough.\u00a0<\/span><\/p>\n

Related Reading: Aave Protocol Unfazed By Market Jitters, Surges 21%<\/a><\/div>\n

TRX moves alongside Ethereum in the same manner as ETH following Bitcoin within the broader market. This might help with the token\u2019s future performance as the market usually follows the two top cryptocurrencies as a gauge of the broader market\u2019s bullishness or bearishness.\u00a0<\/span><\/p>\n

As Bitcoin\u2019s <\/span>rebound<\/span><\/a> slows to a crawl, TRX might face difficulties in achieving a breakthrough in the short term. However, this does not discredit the possibility of a bullish breakthrough in the mid to late August timeline which might be the time Bitcoin and Ethereum already recovers from the market overreaction this week.\u00a0<\/span><\/p>\n

However, the market\u2019s current volatile nature also may hamper any further attempt at short-term upward movement. The bulls should then continue holding on the $0.1229-$0.1271 price range to ensure a strong breakthrough in the long-term.<\/p>\n

Featured image from Publish0x, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Tron (TRX) faced huge losses after the market swung downward in a strong overreaction amidst macroeconomic fears. According to CoinGecko, the token is down nearly 6% since last week but has since turned a full 180 gaining almost a percent today, August 7th. Since then, the ecosystem continues to surprise the community with its strength Related Reading: ATOM Blows Up 10% After Significant Sell Pressure As the market also resumes some form of recovery with a percent uptick in the total market cap, TRX might see some growth in the coming days.\u00a0 Tron Remains Profitable Despite Market Bleed Bankless released a deep dive on the on-chain profitability of several layer 1s and layer 2s, including Tron on their long list of blockchains.\u00a0 Which blockchains are actually profitable? \ud83e\udd14 This is the data behind the L1 and L2 networks driving the most revenue and earnings \ud83d\udcb0\ud83e\udef0 Today, we\u2019ll explore the top 4 L1s and L2s by revenue, and explore just how much of the revenues that these blockchains actually keep. For\u2026 pic.twitter.com\/TgudtrlDvO \u2014 Bankless (@BanklessHQ) August 1, 2024 According to their report, Tron is the most profitable chain at $271 million earned over the past year, with Solana being the lowest with over $2 billion in the negative. Tron is touted as a \u201csilent giant\u201d, boasting a whopping $1.4 billion in revenue over the past year. This is because of the platform’s significant investment in stablecoins, thus propping their stablecoin activity just behind Ethereum, the second-most prominent blockchain in the world. Another development that will increase stablecoin activity on the platform is TokenPocket, a crypto wallet provider, introducing a feature that uses Tether (USDT) to pay gas fees on TRX, providing convenience for users who want to use Tron despite not holding any of the token itself.\u00a0 \u2705Use $USDT to cover gas fees on the #TRON network via TokenPocket! Check out how @Cointelegraph introduces this feature! @trondao #TRON \ud83d\udc47https:\/\/t.co\/90Kiwkc40W \u2014 TokenPocket (@TokenPocket_TP) August 3, 2024 How did this affect Tron\u2019s position in the market? Well, the answer lies in the ever-growing stats that show a strong and growing community in the long run. According to Tron\u2019s official website, the platform has processed over $8 billion in transactions with a whopping $19.6 billion in total value locked (TVL).\u00a0 Long-Term Growth Is Guaranteed At These Levels The token\u2019s current positioning amid the bearish market is somewhat stable, settling around $0.1229 and $0.1271. TRX bears have already used this price range earlier this year which puts more pressure on the bulls to hold on to this support range for a future breakthrough.\u00a0 Related Reading: Aave Protocol Unfazed By Market Jitters, Surges 21% TRX moves alongside Ethereum in the same manner as ETH following Bitcoin within the broader market. This might help with the token\u2019s future performance as the market usually follows the two top cryptocurrencies as a gauge of the broader market\u2019s bullishness or bearishness.\u00a0 As Bitcoin\u2019s rebound slows to a crawl, TRX might face difficulties in achieving a breakthrough in the short term. However, this does not discredit the possibility of a bullish breakthrough in the mid to late August timeline which might be the time Bitcoin and Ethereum already recovers from the market overreaction this week.\u00a0 However, the market\u2019s current volatile nature also may hamper any further attempt at short-term upward movement. The bulls should then continue holding on the $0.1229-$0.1271 price range to ensure a strong breakthrough in the long-term. Featured image from Publish0x, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":633724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,11808,11993],"class_list":["post-633698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-tron","tag-trx"],"acf":[],"yoast_head":"\nTron Lost 6% Since Last Week - Is There A Saving Grace Ahead?<\/title>\n<meta name=\"description\" content=\"Tron (TRX) faced huge losses after the market swung downward in a strong overreaction amidst macroeconomic fears. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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