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In August, the TRON network demonstrated significant growth, processing nearly 230 million transactions, marking a 7.8% increase from July. This surge underscores the ongoing momentum in TRONs network activity as it continues to expand its footprint in the blockchain space. The @trondao network processed nearly 230 million transactions in August, […]
Ethereum (ETH) price has outshined Bitcoin (BTC) over the last week since the US Federal Reserve (Fed) slashed interest rate by 50 basis points (bps) on September 18, 2024. Ethereum Gains On Bitcoin, Prelude To Altseason? Ethereum has had an impressive last few days as far as its price action is concerned. ETH has surged by 16% to $2,666 since the Fed cut rates for the first time in four years. BTC has risen by 9% in the same period, trading at $63,643 at press time. Related Reading: Ethereum Poised For A Comeback Following Interest Rate Cut: Steno Research The ETH/BTC trading pair has surged from 0.0385 on September 18, to 0.0420 on September 23, indicating an increase of almost 9%. Notably, the ETH/BTC trading pair is a crucial trading pair observed by crypto analysts to gauge market sentiments toward altcoins relative to BTC. When ETH and other altcoins gain value against BTC, it suggests increased investor interest in altcoins, potentially signaling the beginning of an “altseason.” Conversely, when BTC outperforms ETH, it may indicate a shift back to Bitcoin dominance. Its worth highlighting that the Ethereum futures funding rate has turned positive since the interest rate cut, standing at 0.0058% according to data from cryptocurrency futures trading and information platform CoinGlass. For the uninitiated, a positive funding rate implies that traders holding long positions – in this case, long ETH – are paying short positions, reflecting bullish market sentiments. The change in funding rate suggests greater optimism regarding ETHs future price, likely driven by increased demand and confidence following the rate cut. That said, investors should be cautious of sharp movements in funding rates, as this could lead to market corrections amidst excessive optimism or due to any changes in external factors. Ethereum Faces Stiff Competition From Other Blockchains Throughout 2024, Ethereum has faced criticism for its lackluster performance relative to its competitors. Even major developments, like the US Securities and Exchange Commissions (SEC) approval of ETH exchange-traded funds (ETFs) failed to propel the second-largest cryptocurrency by market cap significantly. In contrast, competing smart contract platforms like Solana (SOL), Binance Coin (BNB), and Tron (TRX) have made impressive strides not only in terms of price appreciation but also regarding the development of ecosystem infrastructure. Related Reading: Tron-Based SUN Token Skyrockets 197% As SunPumps Momentum Continues For instance, the Solana ecosystem witnessed many developments at Singapore’s recently concluded Solana Breakpoint 2024 event. Among other announcements, Franklin Templeton unveiled its plans to launch a mutual fund on Solana. Similarly, all eyes are on the release of former Binance CEO Changpeng Zhao from prison on September 29, 2024. Crypto analysts predict that Zhaos release could spark bullish momentum for Binances native token BNB, which has shown incredible resilience despite the exchanges former CEO being imprisoned on money laundering charges. With the rising adoption of Ethereum layer-2 solutions offering high scalability with minimal transaction costs, expect the smart contract space to become increasingly competitive. ETH trades at $2,660 at press time, up 3.3% in the last 24 hours. Featured image from Unsplash, Charts from Tradingview.com
After its success in the meme coin ventures, TRON founder Justin Sun is now setting its sights on another frontier in the crypto space: Non-Fungible Tokens [NFTs]. As per Sun, it is the right time to launch a high-quality NFT project that can truly gauge the interest of both collectors and enthusiasts. The founder tagged […]
As several altcoins rolled back to their yearly low in this bearish phase, TRX’s price remained strong monthly and continued to maintain bullish. However, it went through a short retracement but is now set for an increase. Tron’s performance has been remarkable over the past year and a half as […]
The increase in TRXs long-term holder addresses shows strong investor confidence in the networks future.
The TRON Super Representative Council has put forward a new proposal(Proposal 94) to raise the network’s energy cap…
TRON has reported a strong performance for August 2024, with positive growth recorded across multiple metrics, including fees, revenue, and total earnings. The platform’s Total Value Locked (TVL) remained stable above the $8 billion mark, while USDT continues to dominate TRONs stablecoin market cap, accounting for approximately 99% at $58.5 […]
As crypto scams increase in 2024, TRON, the decentralized blockchain platform, Tether, the issuer of the USDT stablecoin, and TRM Labs, a leading blockchain intelligence firm, have teamed up to launch the T3 Financial Crime Unit (T3 FCU). This new partnership is all about cracking down on illegal activities related
In the second quarter of 2024, TRON’s network saw significant growth and notable achievements, underscoring its expanding role in the cryptocurrency space. The standout figure was the market capitalization of USDT on TRON, which reached an all-time high of $57.1 billion. This milestone highlights the increasing trust and usage of TRON’s network for stablecoin transactions. […]
Tron (TRX), despite its historical resilience, has not emerged unscathed from the recent cryptocurrency market correction. The digital asset has recorded a 10.51% decrease in value over the past seven days, coinciding with Bitcoin’s descent below the $50,000 threshold. However, recent hours have shown signs of a modest recovery, prompting
Here are the top 5 crypto social narratives in the last seven days.
The memecoin ecosystem seems to be getting crowded and it is not too often that a new project…
A cryptic address, potentially linked to Justin Sun or the TRON Foundation, has been making waves in the $SUN market. This “smart money” player built a significant position in $SUN three years ago, sparking curiosity among analysts. After digging through transactions, researchers at Arkham identified over 20 addresses connected to […]
A new TRX ATH depends on "strong project-specific developments, favorable market conditions, and positive investor sentiment."
The memecoin frenzy has reached the Tron Network after the launch of Pump.funs rival, SunPum. The new memecoin deployer has been making the headlines after surpassing its Solana-based counterpart on key metrics this week. The platforms remarkable performance in the past two weeks has propelled the network, TRX, and the SUN ecosystem. As a result, [...]
The post Tron-Based SUN Token Skyrockets 197% As SunPumps Momentum Continues appeared first on Crypto Breaking News.
Justin Sun-led TRON is making waves in the blockchain space, as indicated by its booming profits. The recent Messari report highlighted that the platform’s quarterly revenue in Q2 of 2024 reached a substantial $117.5 million, ranking third among all smart contract platforms. The report has caught the attention of TRON’s founder, Justin Sun. In a […]
Tron (TRX) investors continue to feel bullish even as the market dips after certain on-chain developments help investor sentiment remain high. According to CoinGecko, the token has increased more than 24% since last week, a sign that investors on the platform have held TRX and accumulated to capture more gains. Related Reading: Cardano (ADA) Nears Key Level As Analyst Eyes Over 100% Upside Details Trons developments will help TRX hold against the downward trajectory the market has taken today. However, questions remain about whether the token will continue to go against the broader market or follow the dip. Tron On-chain Developments Drive TRX Sky High With Trons focus on stablecoin development made apparent by Tron founder Justin Sun last month, yesterday saw a big win for the platform as Tether minted over $1 billion USDT without paying any gas fees on the platform. This placed Tron in the crosshairs of critics as they questioned the no gas fee transaction with an individual pointing out that they are charged a dollar for a simple swap approval. Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves. H.E. Justin Sun (hiring) (@justinsuntron) July 6, 2024 Despite this, Tron handled a third of Visas annual settlement volume while gaining over half a billion dollars in fees in as little as 3 months. This, according to Tron, makes it clear that blockchain is more than just a buzzword. TODAY: $1B USDT minted on TRON They paid $0.00 in fees. Wow pic.twitter.com/NuNYRuj1Yc Arkham (@ArkhamIntel) August 20, 2024 TRX To Face Possible Downturn Soon? The tokens current position is an awkward balance between the bulls attempting to break through the $0.1665 ceiling and the bears also attempting the reverse by eyeing the $0.1583 floor. As it currently stands, TRX is on an untenable position as it forces the bulls to continue buying without regard to the tokens overall momentum. The relative strength index (RSI) supports this as it nears to push the limits of the bullish momentum, with a possible cool-down period in the next couple of days. Accounting the markets general momentum, we might see TRX stabilize on its current trading range between $0.1583 and $0.1665 in the short term. The RSIs near maxed-out value indicates a possible retracement to the $0.1532 floor before opening the floodgates to the $0.1665. Related Reading: End Of The Slump? Floki Eyes A 46% Price Surge Analyst This scenario is possible as TRX will eventually lose its current momentum to follow the consensus dip within the broader market. The dip, although bearish in some regards, will allow the bulls to rest before building up the momentum for bigger gains. With improving macroeconomic conditions also supporting this bullish thesis, we might more gains as capital from private equity flows to more risky investment products like crypto. For now, monitoring the broader market will benefit investors as TRX moves to more sustainable levels. Featured image from Zipmex, chart from TradingView
Here are the most imminent price targets for TRX, XRP, and SHIB that may be put to the test this week.
In a fresh surge, Trons price broke out to a multi-year high following a significant increase in demand this week. The price has increased by over 27% in the last 24 hours, and it looks bullish on the weekly chart. TRX bounced off the $0.116 level three weeks ago after […]
TRON (TRX) continues to demonstrate its strong position in the cryptocurrency market, with a market capitalization of approximately $12.50 billion and a 24-hour trading volume [...]
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