Outside Source
The number of addresses holding Tron’s native token TRX for the long term has skyrocketed over the past 12 months, according to data from the blockchain intelligence firm IntoTheBlock.
A tweet from the market analytics platform revealed that the Tron network currently has nearly 90 million long-term holder addresses, representing a 237% increase in the past year.
TRX Long-term Holders Are Increasing
IntoTheBlock said the increase in TRX’s long-term holder addresses shows strong confidence in the network’s future, as more investors are willing to hold the cryptocurrency for a prolonged period.
The address spike also reflects significant growth and high activity on the Tron network. Over the past few weeks, TRX has been among the top-performing crypto assets in the market. The token’s 30% rise within the last two weeks in August placed it among the top ten cryptocurrencies by market cap, with a figure running above $14.5 billion.
Although TRX’s market cap had fallen to $13.3 billion at the time of writing, the token was still the 11th largest, surpassing Cardano (ADA) and Avalanche (AVAX).
Tron’s price increase in August put all of its holders in profit. At the time, the asset was worth $0.167. However, TRX’s slight decline to $0.154 at press time had reduced the portion of its holders in the money to 95%; 2% are currently at a loss, while the remaining 3% are at the money.
Rising Stablecoin and Network Activity
Besides the remarkable price movement of TRX and the growth of its long-term holder addresses, the Tron ecosystem has recorded high transaction volumes and revenue over the past few months.
In April, IntoTheBlock noted that the weekly transaction volume of Tether (USDT) on Tron was 2x the amount the stablecoin settled on the Ethereum network. In June, blockchain analytics platform Lookonchain found that the 24-hour trading volume of USDT on Tron hit $53 billion, exceeding the $42 billion in average daily trading volume of payment giant Visa for the first quarter of the year.
Last month, data from Token Terminal revealed that Tron had overtaken Ethereum in revenue generation. In the 90 days ending August 15, Tron accrued roughly $435 million in fees, while Ethereum recorded $364 million.
In addition, Tron’s new meme coin-creating platform, SunPump, has seen notable activity since its inception less than a month ago, facilitating the launch of more than 50,000 tokens.
This article first appeared at CryptoPotato
