Tron reaches a record 117 million users, but TRX’s price is mediocre

Tron (TRX) accomplished a bitcoin-like feat almost two weeks ago when it became legal tender in the Dominican Republic.

16th The largest cryptocurrency in terms of market capitalization has successfully replicated the feat of Bitcoin. legal Bids accepted within the territory of El Salvador.

• TRX Price Corrects Slightly After Surge Following Announcement To Become Legal Tender In Dominican Federation
• Coin is currently trading at $0.0616
• Tron Protocol’s TVL drops to $1.25 billion

Shortly after such a significant development, Tron witnessed a small price gain on October 15, trading at $0.0646.

However, the asset is experiencing another price correction as it has failed to capitalize on its gains, reverting to the downtrend that has continued for the past few weeks.

According to data from coin gecko, TRX is trading at $0.0616. Assets are trending down, but we were able to minimize losses.

Tron Network Reaches Milestone

Data shared by TRONSCAN is Communication network The number of users reached 117 million. While this number is the highest ever for the project, it did not help push the deal price to higher levels.

Stakers continue to show support and stand by Tron. Over the last 30 days, the protocol’s current staker count increased by 1.17% to 305,458.

That’s where the good news for digital assets ends. Because it also tackles negative developments that make it difficult to raise prices any time soon.

Active users of dApps running on crypto’s network have declined over the past seven days. This has affected the total locked value (TVL) of the protocol, which now stands at $1.25 billion.

Source: DeFiLlama

Additionally, Tron’s social mentions dropped sharply over the past week, down 18.5%. This highlights the fact that sentiment towards the protocol and its native cryptocurrency remains negative.

Price Predictions for the Rest of 2022

Tron will be a little better next month as it is predicted The average transaction price is $0.0679. The asset could settle at his monthly low of $0.0659, still higher than the current spot price.

Other than the possibility of trading at $0.0729, we don’t expect much change from the cryptocurrency this December.

TRX, on the other hand, is expected to perform slightly better as it is expected to have an average price of $0.10998 by 2023. Based on our estimates, the highest amount cryptocurrencies can rise next year is $0.11998.

TRX total market cap at $5.6 billion on the daily chart | Featured image from Inside the Magic, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.