Tron price was flat on Tuesday even as the network’s stablecoin growth gained steam. The TRX token was trading at $0.2725, a few points above Monday’s low of $0.2595.
Tron’s Stablecoin Transactions are Surging
Tron has emerged as the most important network in the stablecoin industry. Artemis data shows that its role continues to grow this year, a trajectory that may continue.
The data reveals that the supply of stablecoins on Tron has jumped to nearly $80 billion, making it the second-biggest player after Ethereum.
More data shows that the total stablecoin transactions in the last 30 days jumped by 96% to over $680 billion. The adjusted transaction volume, which excludes MEV and intra-exchange transactions, rose by 105% in this period to over $634 billion.
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If Tron’s monthly volume remains at $634 billion, it means that the annual transaction will be worth over $7 trillion this year. This is a big amount considering that Visa handled transactions worth over $15 trillion in 2024.
Tron’s stablecoin transactions in the last 30 days jumped by almost 15% to over 70.5 million, while the number of stablecoin addresses rose by 10% to 10.1 million in this period. This trajectory is likely to accelerate in the coming months as stablecoins gain mainstream adoption.
The biggest risk that Tron faces is that its transactions are mostly based on Tether (USDT). Tether has refused to comply with MiCA regulations in Europe and has hinted that it will not comply with the GENIUS Act in the United States.
Failing to comply with these regulations may result in being delisted by top exchanges and losing market share to USD Coin (USDC) and other stablecoins, such as Ripple USD (XRP) and PayPal USD (PYUSD).
More data shows that Tron’s network continues to grow. Its daily active addresses have jumped to 2.6 million, up from 2.2 million in January, while network fees have also increased.
This growth likely explains why Tron is set to go public in the United States through a SPAC merger.
Tron Price Technical Analysis
The daily chart shows that the TRX price bottomed at $0.20 in February this year. It is supported by the 50-day and 100-day Exponential Moving Averages (EMA).
The Tron price has formed a cup-and-handle pattern, as shown in red. A C&H pattern is one of the most bullish patterns in technical analysis.
The TRX token has also formed an ascending channel. Therefore, the most likely scenario is where Tron has a bullish breakout, with the next point to watch being the cup’s upper side at $0.2937. A break above that level will point to more gains, potentially to the resistance point at $0.3500.
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