- Tron secured a major win in November as the network with the highest stablecoin transfers.
- Tron network cooled down slightly as TVL outflows continued, amid a recent surge in sell pressure.
As a seasoned analyst with years of experience under my belt, I have seen many bull runs and bear markets, but the growth Tron [TRX] exhibited in November was nothing short of impressive. The network’s dominance in stablecoin transfers was a testament to its robust infrastructure and growing appeal among users. However, it seems we are witnessing a slight cooling down lately, with TVL outflows and declining transaction activity.
Tron [TRX] had a bullish November like most other networks, seeing robust activity.
Instead, let me rephrase that for you: In contrast to its competitors, it outshone them significantly in the area of stablecoin transfers last month, maintaining a robust pace set in the preceding months.
According to a recent study by CryptoQuant, the amount of USDT transfers on the Tron network reached an all-time high of approximately $587.2 billion in November – the network’s busiest month to date.
As a researcher, I’ve observed an interesting trend: Tron has consistently led in stablecoin transfers throughout the past month. Over the course of several months, we’ve noticed a steady increase in the volume of these transactions on the network.
The significant achievement with Tron’s stablecoin was supported by strong network action throughout the month. Lately, though, there has been a slight deceleration in pace.
TVL has been on a steady uptick, reflecting the network growth and TRX price action.
Examining TVL (Total Value Locked) in US Dollar terms shows a recent all-time high this month. On the other hand, the TVL measured against TRX has been on a downward trend for several months now.
source: DeFiLlama
As of December 13th, the total value locked in the network amounted to approximately 27.62 billion TRX. However, this is a significant drop from the all-time high of around 83.70 billion TRX recorded back in March of this year.
The surge in TRX’s dollar value relative to its recent all-time high (ATH) is attributable to the simultaneous increase in TRX’s price and on-chain trading activity.
Over the past year, the number of daily transactions on the Tron network significantly increased. Yet, compared to the peak in November, transaction activity in December has noticeably decreased.
source: DeFiLlama
From the given context, it’s clear that the number of transactions reached a maximum of 9.03 million on December 3rd. As of December 14th, the transaction count has decreased to approximately 6.81 million.
This decline may underscore the lower hype or activity now compared to November.
The state of demand and sell pressure
The dip indicates recent activity in the TRX market. Over the past fortnight, profit-taking has been prevalent following the all-time high on December 3rd.
At the moment of press, the coin changed ownership for $0.2878, marking a 36% drop over the past fortnight.
Is it possible that TRX will continue climbing, or will the downward trend persist for a while longer? As reported by Coinglass, there has been a significant increase in TRX outflows over the past fortnight, particularly following the peak on December 3rd.
During the weekend, the Tron network saw a higher number of transactions moving out, totaling over $5.51 million in the past 12 hours.
Read Tron’s [TRX] Price Prediction 2024–2025
Even though there was a notable drop over the past fortnight, Open Interest still held strong at approximately $277.76 million.
Even with the recent dip, it appears that optimistic views are still prevalent as funding rates continue to be favorable, suggesting a relatively low level of pessimism in the market.
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2024-12-15 14:15