Tron, despite being one of the most scalable blockchains in the world, has remained on the back burner for a while now.
Tron has remained relatively stagnant and has allowed not one, but three other cryptocurrencies to beat it in terms of market cap.
Throughout 2023, Tron has been overtaken by the likes of Polkadot, Solana and Avalanche, and now sits at the 12th position.
It is also only behind Polkadot by a few million dollars.
However, things may be about to change very soon. Tron's average number of Daily active addresses has shot up over the last day, showing that investors and builders may be flocking towards TRX.
Will TRX beat Polkadot soon? Are we about to see a boom? Let's find out.
The DAA of any network is one of the best metrics to figure out what is going on under the hood.
The DAA (also known as the Daily Active Addresses) is the number of distinct addresses that send or receive transactions on a blockchain network in a 24-hour period.
Using this metric, we can determine how the level of activity on said network, as well as predict when a possible boom is incoming.
Token Terminal data indicates that on January 8, 2024, Tron recorded 1.4 million DAAs, beating both Ethereum and Bitcoin's numbers combined.
On the same day, Bitcoin recorded about 362,000 DAAs, while Ethereum recorded about 400,000 DAAs as shown below:
Bitcoin and Ethereum's relatively low number of daily active addresses come better into light when we add that Polygon and BNB Chain had about 600,000 and 1.36 million DAAs respectively.
TokenTerminal also shows that of all 25 major chains with the highest average number of daily active addresses, Tron comes in at first place, with about 200,000 more daily active users than BNB, the next biggest (as shown above).
This boom in Tron's performance shows that users are starting to prefer the network for several use cases like gaming, gambling, social media, DeFi, and NFTs.
Tron, according to CoinMarketCap, currently trades at around $0.1. Its performance in the daily, weekly and daily timeframe is on the low side and is only helped along by its yearly gain of up to 100%.
The weekly chart on Tron shows some very interesting things though.
For example, we can say with certainty, that the $0.044 support (blue line below) will likely remain unbroken for a very long time (if at all).
However, this isn't our focus.
Our focus is the $0.1 support/resistance (highlighted in red above).
As shown, ever since breaking above in the general crypto boom from October 2023, Tron has been consolidating atop this trendline, with its bulls showing an obvious lack of strength.
This is both good news and bad news. If the bulls successfully find the strength to push Tron even slightly higher, it will have its first chance since November 2021, to break above $0.1295, and charge further upwards to $0.18 or even higher.
This move would likely take Tron anywhere between 28% to 75% to the upside for a start.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.