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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Tron Lost 10% Since Last Week – Is There A Saving Grace Ahead?

Christian Encila
Christian Encila
11 months ago
4 mins read
Tron

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Tron (TRX) faced huge losses after the market swung downward in a strong overreaction amidst macroeconomic fears. According to CoinGecko, the token is down nearly 6% since last week but has since turned a full 180 gaining almost a percent today, August 7th. Since then, the ecosystem continues to surprise the community with its strength

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As the market also resumes some form of recovery with a percent uptick in the total market cap, TRX might see some growth in the coming days. 

Tron Remains Profitable Despite Market Bleed

Bankless released a deep dive on the on-chain profitability of several layer 1s and layer 2s, including Tron on their long list of blockchains. 

Which blockchains are actually profitable? 🤔

This is the data behind the L1 and L2 networks driving the most revenue and earnings 💰🫰

Today, we’ll explore the top 4 L1s and L2s by revenue, and explore just how much of the revenues that these blockchains actually keep.

For… pic.twitter.com/TgudtrlDvO

— Bankless (@BanklessHQ) August 1, 2024

According to their report, Tron is the most profitable chain at $271 million earned over the past year, with Solana being the lowest with over $2 billion in the negative.

Tron is touted as a “silent giant”, boasting a whopping $1.4 billion in revenue over the past year. This is because of the platform’s significant investment in stablecoins, thus propping their stablecoin activity just behind Ethereum, the second-most prominent blockchain in the world.

Another development that will increase stablecoin activity on the platform is TokenPocket, a crypto wallet provider, introducing a feature that uses Tether (USDT) to pay gas fees on TRX, providing convenience for users who want to use Tron despite not holding any of the token itself. 

✅Use $USDT to cover gas fees on the #TRON network via TokenPocket!

Check out how @Cointelegraph introduces this feature! @trondao #TRON 👇https://t.co/90Kiwkc40W

— TokenPocket (@TokenPocket_TP) August 3, 2024

How did this affect Tron’s position in the market? Well, the answer lies in the ever-growing stats that show a strong and growing community in the long run. According to Tron’s official website, the platform has processed over $8 billion in transactions with a whopping $19.6 billion in total value locked (TVL). 

TRX is currently trading at $0.124. Chart: TradingView

Long-Term Growth Is Guaranteed At These Levels

The token’s current positioning amid the bearish market is somewhat stable, settling around $0.1229 and $0.1271. TRX bears have already used this price range earlier this year which puts more pressure on the bulls to hold on to this support range for a future breakthrough. 

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TRX moves alongside Ethereum in the same manner as ETH following Bitcoin within the broader market. This might help with the token’s future performance as the market usually follows the two top cryptocurrencies as a gauge of the broader market’s bullishness or bearishness. 

As Bitcoin’s rebound slows to a crawl, TRX might face difficulties in achieving a breakthrough in the short term. However, this does not discredit the possibility of a bullish breakthrough in the mid to late August timeline which might be the time Bitcoin and Ethereum already recovers from the market overreaction this week. 

However, the market’s current volatile nature also may hamper any further attempt at short-term upward movement. The bulls should then continue holding on the $0.1229-$0.1271 price range to ensure a strong breakthrough in the long-term.

Featured image from Publish0x, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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