The ability to support successful projects highly determines the success of a platform in the blockchain industry. Tron Network revealed some announcements over the past couple of weeks, intimating enthusiasts and investors about the network’s projects and plans.
On April 21, Tron’s founder Justin Sun revealed the platform’s goal to launch a decentralized stablecoin, the USDD. Moreover, Tron unveiled the $1,111,111,111 network fund allocation. The platform revealed the fund in November 2021.
Let us check how the network’s native coin, TRX, fared over the past week amid these developments.
TRX Price Action
Evaluating TRX’s performance within the previous month shows a 19% drop from the $0.078 mark attained one month ago. Hovering around $0.063 at this publication, Tron has lost about 78% from its record high of $0.3004, seen on January 5, 2018.
Also, the same timeframe saw Tron’s market capitalization dropping to $6.46 billion at this publication, following a 15% fall from $7.57 billion. Though the transaction volume stood at $1.13 billion at the start of the month, the figure surged to the $3.2 billion high during Sun’s announcement. Nevertheless, it dropped 60% since then, standing near $1.27 at this publication.
On-chain Metrics
According to on-chain data, TRX’s development activity stood at the 10 – 11 range throughout April. While writing this blog post, the number was 11. Also, the token’s social dominance took a downward beat after touching the 0.761% high on April 20.
However, the more than 60% social dominance decline since April 20 has the metric near 0.274% at this publication. Also, this publication as Tron’s social volume at 82, following the 639 record high witnessed on April 20.
With its broad declines, Coinmarketcap data shows TRX currently sitting behind APE. That followed OpenSea’s confirmation of supporting ApeCoin settlements in the ecosystem. The update saw APE skyrocketing to near its ATH.
Nevertheless, the crypto space continues to witness a bloodbath as most assets retraced further within the past day. The market cap of all crypto assets reflected the downside trend, losing over 3% within the past day to hover near $1.70 trillion at this publication.
Stay tuned for upcoming developments in the crypto space.
