TRON outpaces Ethereum on 2 fronts – What’s next for its price?

• USDT on TRC-20 total transfers hit 22 billion, outstripping ETH’s ERC-20 USDT at 2.6 billion.
• TRON ranked top among L1 blockchains by fee generated over the last six months

A comparative analysis of TRC-20 and ERC-20 USDT clearly showed TRON’s dominance in transaction volume since 2021. TRC-20 USDT transactions spiked, hitting 22 billion, while also dwarfing ERC-20’s 2.6 Billion.

This trend was consistent where TRC-20 showed peaks far exceeding those of its Ethereum counterpart.

Significant spikes in TRC-20 activity, especially noticeable in mid-2024, emphasize TRON’s advantage in terms of lower fees and faster processing times, attracting more users and exchanges for stablecoin transactions.

Source: CryptoQuant

The marked increase in TRC-20 transactions during September, nearly doubling those on ERC-20, highlighted its efficiency and growing user base.

This robust performance by TRON supported its leading role in the stablecoin sector, underlining a sustained preference among digital asset operators.

TRON fee revenue and TVL

Furthermore, TRON’s fees generated over the last six months amounted to $1.36 billion, ranking it among the top Layer 1 blockchains ahead of Ethereum once again.

The growth in USDT transactions on TRON has continued robustly, with the transaction volume for TRC-20 USDT far outpacing that of ERC-20. This, despite the high average fees of $1.2, as Token Terminal noted on X.

This trend alluded to TRON’s increasing dominance in stablecoin transactions, favored for its faster processing times and security.

Source: Token Terminal

This surge in transactions correlated with a notable hike in daily active accounts on TRON. Figures for the same have now surpassed 2.62 million, with an average of 174,000 new accounts daily.

These propelled TRON’s total value locked (TVL) to exceed $23.4 billion, demonstrating its expanding influence and user trust.

The escalating activity on TRON, coupled with its efficient transaction handling capabilities, pointed to a potential uptrend for TRON, reinforcing its stature in the blockchain ecosystem.

This could likely influence a sustained rise in its market valuation, given the robust usage and trust demonstrated by the crypto community.

AI integration and price prediction

In other news, AI development on TRON could catalyze further investor interest and speculative trading, potentially driving the price higher in the medium term. The announcement was made by Justin Sun on X,

“Some groundbreaking AI will be developed on Tron and steemit. Stay tuned.”

Looking at TRX’s price movement within the weekly timeframe showed a spike to $0.30, followed by a retraction to a fair value gap around $0.24. This level serves as both a support and a pivot point for potential future price directions.

Source: Trading View

At the rime of writing, the MACD was positive, suggesting momentum could continue upwards, while the RSI near 70 indicated that TRX was approaching overbought territory. This hinted at a possible consolidation or a pullback on the charts.

Going forward, the price could retest the $0.30 peak or, if support at $0.24 fails, fall back to lower support levels.