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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

TRON Hits 95 Million Addresses Milestone, Will This Help Price?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
TRON

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On-chain data shows the total number of addresses on the TRON network has exceeded the 95 million mark, a major milestone for the blockchain.

TRON Addresses Carrying A Balance Have Broken The 95 Million Mark

According to data from the market intelligence platform IntoTheBlock, TRON has far left behind other layer 1 networks like Cardano and Avalanche regarding its address growth.

Here, the analytics firm has used the total number of addresses on the blockchain carrying some non-zero balance to keep track of this network growth.

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When these addresses with a balance go up, it means that either fresh investors are joining the network or old holders are returning. Either way, such a trend can be a positive sign for any cryptocurrency, as it suggests that some net adoption of the blockchain is going on.

On the other hand, a decline in the metric implies some investors have decided to clear out their wallets, a potential sign that they have decided to leave the network behind.

Now, here is a chart that shows the trend in the total addresses with a balance for TRON over the past few years:

TRON Addresses

The value of the metric seems to have been going up since a while now | Source: IntoTheBlock on X

As displayed in the above graph, the total number of TRON addresses with a balance has been rising for a while now and has recently hit a new record of more than 95 million.

“Quite an impressive number, considering other layer 1 networks like Cardano and Avalanche have fewer than 10 million addresses,” notes IntoTheBlock. “Layer 1” blockchains handle transactions and security independently, without being dependent on other networks.

Given the pace at which the TRON network has seen addresses open up, it would appear that users have been preferring 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 chart shows that adoption has been up for the asset for years, but this hasn’t exactly translated into its price.

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One thing that’s usually certain about adoption is that it provides a solid foundation for the network and is a good sign that the asset will be around in the long term.

TRX Price

The cryptocurrency sector as a whole has been racing up recently, with Bitcoin leading the charge with its returns of 20% over the past week. TRON, however, has lagged behind the market, mustering only 3% profits in the same period.

The chart below shows that the coin is currently trading around the $0.14 level.

TRON TRX Price Chart

Looks like the price of the asset has been heading up in recent weeks | Source: TRXUSD on TradingView

Regarding the market cap, TRX is currently the eleventh-ranked cryptocurrency. However, if the coin continues to be weaker than its competitors, it might slip down the list, as Chainlink (LINK), the twelfth largest coin, is currently closing the gap with its stronger returns.

TRON Market Cap

The market cap of the asset appears to be $12.6 billion at the moment | Source: CoinMarketCap
Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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