- The total number of addresses with a balance on Tron has reached a new high.
- TRX’s value has risen by 40% since the year began as demand persists.
The number of addresses on the public open-sourced blockchain Tron [TRX] has crossed 95 million. This marks an all-time high in the count of addresses with non-zero balance on the network, on-chain analytics platform IntoTheBlock noted in a post on X (formerly Twitter).
Source: X
According to the data provider, Tron’s address count significantly outpaces other prominent Layer 1 (L1) blockchains like Cardano [ADA] and Avalanche [AVAX], both of which boast 5 million addresses and 7 million addresses, respectively.
The year so far on Tron
An assessment of Tron’s year-to-date (YTD) on-chain activity revealed a rally in new demand for the L1 network since the year began.
AMBCrypto observed Tron’s New Adoption Rate – which measures the daily percentage of new addresses making their first transaction out of all active addresses on a given day, and found that it has climbed by 21% since the 1st of January.
As of 28th February, the network’s New Adoption Rate was 12%, suggesting that out of the 2 million active addresses recorded, 240,000 of those were new addresses.
Source: IntoTheBlock
One way in which the surge in new demand for Tron since the year began has manifested is in the rise in its decentralized finance (DeFi) total value locked (TVL). Per data from DefiLlama, the network’s TVL at press time was $10 billion, rising by double digits in the last month.
Since 1st January, Tron’s TVL has spiked by 27%. At its current value, Tron’s TVL sits at an all-time high, AMBCrypto found.
Source: DefiLlama
As expected, the high user activity has impacted Tron’s network fees and the revenue derived from the same. According to data from Token Terminal, network fees and revenue have both risen by 20% in the last 30 days.
Demand for TRX climbs
At press time, TRX exchanged hands at $0.14, according to CoinMarketCap. The coin’s value has risen by 40% on a YTD basis.
A look at its Accumulation/Distribution Line (ADL) confirmed the sustained demand for the altcoin since the year began, hence the corresponding rally in value. At press time, TRX’s ADL was 113.84 billion.
Realistic or not, here’s TRX’s market cap in BTC terms
When an asset’s ADL trends upward in this manner, it suggests growth in its accumulation by traders and investors. This means that more market participants are buying than selling.
Confirming that buying pressure remained high at press time, TRX’s Relative Strength Index (RSI) and Money Flow Index (MFI) were positioned significantly above their respective center lines.
Source: TradingView