According to TRON’s scan, the number of TRX stakes and stakers has drastically decreased since the release of Stake 2.0.
Tron is one of the most used Blockchains in the DeFi ecosystem, and its price has shown signs of recovery since January 2023 until now, but, like the rest of the ecosystem, multiple factors have been generating degrees of volatility and instability in the market. market.
In this quarter, the behavior of the Tron (TRX) currency has been marked by two specific situations, the first of which was in March, when the entire ecosystem was affected by the fall of the three banks in the United States. At this time, Tron was trading at 0.066 dollars and fell to 0.055, to later overcome the bullish streak and appreciate 23.12% reaching $0.067.
The second was on March 22, when the founder of the Tron network Justin Sun was charged by the United States Stock Exchange for market manipulation and fraud. When the news was released, the coin was quoted at 0.067 and fell to 0.0571, showing a rapid recovery of around 11.24%, once again settling above $0.063.
Tron remained the top Blockchain by daily users, but revenue slightly declined. TRX posted its highlights on April 16, listing all the week’s notable developments.
Not Many Expected the Launch of Stake 2.0
A few days after its launch, NOW Wallet integrated Stake 2.0, allowing users to stake TRX. Many expected TRON’s TVL to increase with the release of Stake 2.0 as it provided flexibility to stakeholders. However, this is not the case, as its TVL did not increase much.
Considering the additional capabilities and features that Stake 2.0 brought, it was likely that more players would be interested in staking TRX. However, the opposite happened as the number of TRX holders dropped dramatically over the past week.
Tron Still Number 1, But There’s More to The Story
According to Token Terminal, Tron still held the top position on the list of Blockchains with the most daily active users. However, the growth may have stopped, as, despite the increase in total accounts, active accounts have decreased since April 12. A marginal decline was also seen on the revenue front last week, which was a negative sign for Tron.
TRX Weekly Performance Review
TRX had a rough week as its price crashed sharply on April 12. The decline came as Binance revealed that TRX would be among the cryptocurrencies to be delisted. However, TRX quickly recovered and was trading at $0.0664, with a market capitalization of over $6 billion. However, the TRX consumption rate remained decent as the network burned 15,263,107 TRX on April 16.
Due to the price drop, negative sentiments around TRX dominated the market last week, and the demand for TRX fell sharply in the derivatives market.
A look at the TRX Bollinger Bands revealed that the token price was entering a less volatile zone, increasing the chances of short-term sideways price action. The Relative Strength Index (RSI) also rested just above the neutral 50 mark, giving a similar notion of latency. According to the MACD, the bulls, and the bears were fighting to turn around. Therefore, it will be intriguing to see who will triumph in the days to come.
By Audy Castaneda
