On-chain data shows that the total number of addresses on the TRON network has surpassed the 95 million mark, a major milestone for the blockchain.
Balanced TRON addresses have exceeded the 95 million mark
According to data from market intelligence platform IntoTheBlock, TRON has left other Tier 1 networks such as Cardano and Avalanche far behind when it comes to address growth.
In this case, the analytics firm used the total number of addresses on the blockchain with a non-zero balance to track the growth of the network.
When these addresses with a balance go up, it means that new investors are joining the network or old holders are returning. In any case, such a trend can be a positive sign for any cryptocurrency, as it suggests that some net blockchain adoption is underway.
On the other hand, a decline in the metric implies that some investors have decided to empty their portfolios, a potential signal that they have decided to leave the network behind.
“A pretty impressive number, considering that other Layer 1 networks like Cardano and Avalanche have fewer than 10 million addresses,” notes IntoTheBlock. “Layer 1” blockchains manage transactions and security independently, without depending on other networks.
Given the pace at which the TRON network has seen address opening, it would appear that users have preferred the blockchain to some of the other layer 1 networks.
Now, what this adoption might imply for the price of TRX can be complicated. The graph shows that adoption of the asset has been increasing for years, but this has not exactly translated into its price.
One thing that is usually certain about adoption is that it provides a solid foundation for the network and is a good sign that the resource will be available in the long term.
TRX Price
The cryptocurrency sector as a whole has seen strong growth recently, with Bitcoin leading the pack with its 20% returns over the past week. TRON, however, has lagged the market, reaping just 3% in profits over the same period.
The chart below shows that the coin is currently trading around the $0.14 level.
It seems that the price of the asset has increased in recent weeks | Source: TRXUSD on TradingView
Regarding market capitalization, TRX is currently the eleventh ranked cryptocurrency. However, if the coin continues to be weaker than its competitors, it could slip to the bottom of the list, as Chainlink (LINK), the 12th largest coin, is currently filling the gap with its stronger yields.
The asset’s market capitalization currently appears to be $12.6 billion Source: CoinMarketCap
Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com
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