The Tron price soared to its highest level since May this year as demand for the coin kept rising. The TRX price rose by more than 8% on Monday and is trading at $0.1262. This price is about 175% above the lowest level in July. This rebound gives it a market value of more than $9 billion.
Tron ecosystem growth
Tron is a blockchain project that has gone to become one of the biggest operating systems in the world. The platform was started by Justin Sun and is currently headquartered in Singapore.
Tron is an operating system that uses the concept of smart contracts to help developers build decentralized applications. Indeed, DeFi has become one of the fastest-growing ecosystems in Tron.
For example, data shows that DeFi projects built on Tron have a total value locked (TVL) of more than $7 billion. This makes it the sixth biggest platform in the industry.
However, in terms of the numbers, Tron has just six DeFi applications. In contrast, Ethereum has more than 288 apps that have a TVL of more than $180 billion.
However, in terms of usage, Tron has gained significant adoption. For example, data by Tron Scan shows that it has more than 62 million accounts. Indeed, the number of active accounts in the network has jumped by more than 144k in the past 24 hours. However, the total number of stablecoins transferred in Tron has been falling in the past few days.
The Tron price is soaring for three possible reasons. First, investors are excited about the number of people with Tron accounts.
Second, it is rising as investors cheer the launch of the BitTorrent Chain (BTTS). This is a network that enables users to build decentralized apps. They can even migrate these apps from Ethereum to BTTS. This is notable since Justin Sun is also the owner of BitTorrent.
Finally, the Tron price is rising because of the Tron Foundation’s investment into GameFi, which is an upcoming competitor to Axie Infinity.
https://twitter.com/justinsuntron/status/1460079508317429763
Tron price prediction
The daily chart shows that the TRX price has been in a slow upward trend lately. The coin has been in a consolidation phase and it just moved above the key resistance at $0.1225. This means that it has made a bullish breakout.
At the same time, the Tron price has moved above the 25-day and 50-day moving averages (MA). Therefore, the coin will likely keep rising as bulls target its YTD high of $0.1790, which is about 42% above the current level.
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