Tron TVL rises 2%; will this growth sustain?

Tron’s staking ecosystem flourished as the staking market cap rose.
TRX’s daily and weekly charts were green, and several metrics were bullish.

Tron’s [TRX] DeFi ecosystem recently witnessed a considerable boom, which directly translated to growth. Not only did the blockchain’s DeFi space grow, recent data also pointed out a similar trend in TRX’s staking ecosystem.

Read Tron’s [TRX] Price Prediction 2023-24

While this happened, the bulls also bucked up in the recent past, painting TRX’s daily and weekly charts green.

Tron continues to grow

If the latest data is to be considered, the blockchain has witnessed growth on multiple fronts, the latest being the DeFi space. Tron DAO’s tweet, posted on 28 September, pointed out that its TVL grew.

Tron witnessed an increase in its TVL over the last few days as well. At press time, TRX’s TVL stood at $15.8 billion, as it grew by more than 2% in the last 24 hours.

Hey #TRONICS! Have you checked out @trondao‘s #DeFi?

TVL on the #TRONNetwork is $15.3b! 🚀

Let’s dive in and #BUIDL together! 💪

Source👇 https://t.co/YW3opVO3ZO pic.twitter.com/sr2uL66zB6

— TRON DAO (@trondao) September 28, 2023

Key stats of the blockchain also registered an uptick, as evident from TRONSCAN’s data. The blockchain’s total number of addresses reached nearly 187 million, while its total transactions crossed the $6.4 billion mark.

Apart from these, another optimistic sector was the blockchain’s staking ecosystem. Only a few months ago, TRX launched its Stake 2.0, adding new features for stakers.

As per a recent tweet, the staked amount of TRX reached 46.8 billion, with 23.12% in Stake 2.0 and 76.88% in Stake 1.0. The steady growth in Stake 2.0’s share reflected its growing popularity in the space.

According to Staking Rewards, TRX’s total number of staking wallets reached 368k and, at press time, had a staking market capitalization of over $3.73 billion.

🙌Currently, the staked amount of #TRX is 46.8B, with 23.12% in Stake 2.0 and 76.88% in Stake 1.0.

📈Currently, the staking rate of $TRX is 52.53%, up by 0.280% from that of 1 month before.https://t.co/lTsixqALHL pic.twitter.com/3WGHrHE6y1

— TRONSCAN (@TRONSCAN_ORG) September 28, 2023

Tron investors are rejoicing

Amidst this, TRX bulls entered the market and painted the token’s chart green. According to CoinMarketCap, TRX’s price shot up by nearly 5% in just the last 24 hours.

At the time of writing, TRX was trading at $0.08861 with a market cap of over $7.8 billion, making it the 10th largest crypto. While TRX’s price went up, its 1-week price volatility also surged.

TRX’s demand in the derivatives market also increased, as evident from its green Binance funding rate on 29 September. However, the uptrend did not have a positive impact on TRX’s performance on the social front, as its social volume declined slightly.

However, its trading volume flattened over the last week, despite the price uptick.

Source: Santiment

Realistic or not, here’s TRX’s market cap in BTC’s terms

More bearish signals were revealed after a look at TRX’s daily chart. Notably, both Tron’s Money Flow Index (MFI) and Relative Strength Index (RSI) were in the overbought zone. This could increase selling pressure and, in turn, push the token price down.

However, the MACD continued to support the buyers, as it displayed a bullish crossover.