Tron Coin Price May Conclude Green As Address Activity Soars To 2-Year Highs

The Tron network just concluded the first week of June as one of the most noteworthy blockchains and for multiple positive reasons. Among them includes the surge in address activity observed during the week.

Daily active addresses on Tron registered a sizable spike, with the count pushing above 3 million. This latest spike saw address activity revisit levels last seen about 2 years ago.

According to DeFiLlama, the number of returning addresses on the network surged as high as 4.58 million addresses on Friday.

Address activity was not the only metric that registered positive growth. The network also experienced a spike in liquidity, with stablecoin count clocking a new ATH above $77 billion.

The aggressive stablecoin growth may explain why the Tron’s address activity has been rising. Although other factors might be at play, the network’s stablecoin strategy has been paying off from a utility perspective by attracting more network adoption.

Tron network celebrates yet another transaction milestone. The network’s rising address activity also resulted in a transaction spike in the network last week. Daily transactions peaked above 11 million transactions on Friday last month.

The last time that Tron’s daily transaction count soared to those high levels was in July 2023.  Transactions have struggled to surge over 10 million TXs since then and the last time they crossed above that level was in October 2024 albeit briefly.

The surging network transactions and address activity confirm that the network has been experiencing positive growth. However, not all key aspects of the network remained positive in the first week of June.

For example, its total value locked dipped from $6.53 billion on 31 May to $4.86 billion as of 7 June. App revenue also cooled down considerably during the week.

For context, app revenue during the week clocked a high slightly over $55,000 but it closed the month near $6,000.

Nevertheless, the declining TVL and app revenue did not appear to have much of an impact on the network, as well as its native coin TRX.

Tron coin delivers a bullish performance in the first week of June. Most of the top cryptocurrencies including Bitcoin experience significant sell pressure in the first week of June.

The total crypto marketcap ended up closing the week in the red by about 0.78%. However, Tron’s TRX coin has a history of diverging against the rest of the market and so it did during the week.

The cryptocurrency maintained bullish momentum during the week, allowing it to rally by about 5.6%.

TRX price peaked at $0.287 on Saturday which marked a new 5-month high. Although it achieved significant upside, it was still not overbought, suggesting the possibility that it could continue rallying towards the $0.30 price level.

On-chain data signaled the possibility that the network may continue rallying. This was particularly based on the fact that spot outflows in the last 24 hours were relatively low below $5 million. For context, spot inflows were three times higher on Saturday.

On the derivatives front, the daily volume clocked over $270 million, with open interest slightly higher at $294 million.

The amount of short liquidations were roughly 10 times higher than long liquidations suggesting that traders with bearish expectations were being wiped out.

Despite its recent performance, Tron coin still traded at a 36% discount from its previous highs. This suggests that the cryptocurrency could potentially experience significant upside before soaring to new historic highs.

TRX coin’s recent performance highlights its appeal as one of the top cryptocurrencies. But can it sustain the current momentum and continue outpacing the market?