Will TRON’s increased adoption spur network developments in 2023?

• TRX burn was on the rise, and total accounts exceeded 143 million.
• Metrics remained positive, but stochastic was concerning.

TRON [TRX] has been stepping up its game in terms of burn activity, which proves its deflationary characteristic. The figure has increased considerably since 2022, and over 600 TRX tokens have been removed from the circulating supply in the last three months. 

🔥@trondao ‘s token burning activity has surged, lowering its net issuance rate and making $TRX scarcer, which could drive up demand and increase prices

Over 600 million #Tron tokens have been removed from circulation in the past 3 months pic.twitter.com/7Bfzset6Tc

— Satoshi Club (@esatoshiclub) February 20, 2023

How much are 1,10,100 TRXs worth today?

TRON network is growing

TRON has witnessed considerable growth over the past few months in multiple areas, including adoption. To clear the picture, TRON has already been accepted as a legal tender in two countries, which is promising for the blockchain. 

TRON’s number of accounts was also on the rise and recently exceeded 143 million, further proving its increased adoption. Moreover, the total number of transactions on TRX also exceeded 49 million, which reflected higher usage of the network. 

👏Congratulations! The total transactions on #TRON exceeded 4.9 billion🎊

💪As the world’s fastest-growing public chain, #TRON now has over 143M total accounts and 4.9B total transactions. #TRONSCAN pic.twitter.com/aUn1uI6H3H

— TRONSCAN (@TRONSCAN_ORG) February 20, 2023

Tapping into the current dynamics of the crypto space in China, on 20 February, the founder of TRON, Justin Sun, posted a tweet mentioning the strengths of the network, which can drive growth. 

For instance, he mentioned that most TRX’s developers, communities, and users are based in China and Hong Kong, which has helped build confidence and familiarity with Chinese investors who choose initiatives with a strong local presence and a grasp of the market.

#TRX , a cryptocurrency that has gained significant popularity in recent years, has established a strong presence in China🇨🇳 and Hong Kong🇭🇰 for several reasons. 👇

— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023

In addition to that, TRX has also gained popularity in Hong Kong and has collaborated with several publicly listed companies in Hong Kong in the recent past. Interestingly, Huobi recently announced that it was applying for a crypto trading license in Hong Kong, and Sun mentioned that its partnership with Huobi will help drive adoption of digital assets in Hong Kong and China. 

TRON’s 2023 sum up on the metrics front

Like many other cryptos, 2023 brought good news for TRON, as its price increased considerably, thanks to the bullish market trend. According to CoinMarketCap, TRX was up by 8% in the last week, and at the time of writing, it was trading at $0.07198 with a market capitalization of over $6.5 billion. Santiment’s chart revealed that a few other metrics were also positive for TRX for the last 30 days. 

Realistic or not, here’s TRX market cap in BTC’s terms

For example, along with TRX’s price, its volume also increased, which legitimized the uptrend. TRX’s development activity also went up in the last few weeks, which is an optimistic signal for a network. In addition to that, the crypto industry seemed to be confident in TRX, as its positive sentiment spiked quite a few times. 

Despite a comfortable month, things might take a U-turn soon as CryptoQuant’s data revealed that at press time, TRX’s stochastic was in an overbought position, which could lead to a trend reversal. 

Source: Santiment