Tron retreated to $0.125 on Monday, down nearly 5% from its highest level last week, bringing its market cap to $10.3 billion.
While Tron has fallen recently, it has outperformed other cryptocurrencies. bitcoin and ethereum have entered a bear market, falling more than 20% from their highest levels in June.
Tron’s performance is likely due to its stronger on-chain metrics compared to other blockchains. Data collected by DeFi Llama shows that the network has over 1.83 million addresses.
Tron's active addresses are more numerous than those of bitcoin and ethereum combined. They are also significantly more numerous than those of other popular blockchains such as Polygon, Solana, and Binance Chain.
Other data shows that Tron has become the second-largest blockchain in the industry, with over $7.3 billion in total assets. ethereum has $55 billion, while Solana has over $5.46 billion.
Most importantly, Tron has become one of the major players in the stablecoin market. Data from TronScan shows that the network handled more than $42 billion worth of Tether stablecoins in the past 24 hours. This amount is comparable to the amount handled daily by popular payment networks such as Visa and Mastercard.
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This explains why Tron has become the second most profitable network in the cryptocurrency industry after ethereum. generated over $816 million in fees this year, more than bitcoin's $744 million and Uniswap's $575 million.
At the same time, the number of TRX tokens in circulation has been declining in recent years. There are now 87.2 billion tokens, down from 88.2 billion in January and over 101 billion in 2022.
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Tron Tokens in Circulation
This trend occurs because the amount of TRX generated is still less than the amount that is burned. For example, The data shows that on Sunday more than 5.7 million TRX tokens were generated and 7.5 million of them were burned.
Tron price has performed well over time.
Unlike other cryptocurrencies like bitcoin and Ether, Tron doesn’t make headlines regularly. However, it has been doing well over time, thanks to its strong on-chain metrics.
Tron’s price hit an all-time high of $0.1452 in February, up 220% from its low in December 2022. It has fallen just 13% from its high this year, making it one of the only coins not in a bear market.
Its recent pullback came about due to rising fear among cryptocurrency investors, which caused most tokens to fall. The Cryptocurrency Fear and Greed Index has abandonment To the fear zone of 36.
Therefore, there is a chance that Tron’s strong fundamentals could help it outperform other cryptocurrencies like XRP, ethereum, and Solana.
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