A remarkable achievement was made by the Tron blockchain in the past three days, as it recorded 10.2 million transactions on its network. However, this did not translate into a strong performance for TRX, the native cryptocurrency of Tron, which lagged behind other digital assets in terms of price appreciation.
Tron [TRX] is a blockchain-based platform that hosts entertainment applications and has its own cryptocurrency. It has been one of the most dynamic networks this year, both in terms of innovation and user growth. As a result, the network reached impressive transaction records.
According to a recent Tron update, the network sustained more than 10.2 million transactions per day for three consecutive days. This achievement coincided with a series of positive events in the crypto market that boosted investor confidence and demand. These events included spot ETF applications and short squeezes.
As of June 20th, reports show #TRON has 10.2M daily transactions! 🔥
Data by @nansen_ai
Find more information ➡️ https://t.co/weWHfWXz2k pic.twitter.com/ck7esmKUN4
— TRON DAO (@trondao) June 22, 2023
The network’s transaction count was boosted by various events that happened recently. Tron benefited from the increased trading activity on its platform. The network showed positive growth for several weeks until the middle of June. The lowest number of daily active addresses that Tron had in the last two months was 1.4 million addresses.
The daily active addresses reached a peak of more than 3.7 million addresses, which was the highest number ever recorded. Since then, the number has declined and stabilized at around 2.6 million. The daily transactions also showed an increasing trend on a YTD basis. The minimum and maximum numbers of transactions in this period were 5.78 million and 13.78 million respectively.
Theoretically, the more transactions on the TRON network, the higher the utility and demand for TRX. However, TRX did not show much strength in its price recovery this week. It traded at $0.071 at the time of writing, which was only an 11% increase from its lowest point in June. This was much lower than some of the other top cryptocurrencies, such as Bitcoin, which rebounded by more than 20%.
TRX reached its bottom on 10 June, a few days earlier than most of the other cryptocurrencies. This could indicate that TRX has a different price pattern than the rest of the market.
