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Tron founder Justin sun has accumulated over $559,000,000 in Ethereum amid crypto correction as per the data provided by Lookonchain
Tron is a blockchain based operating system developed by the tron foundation in 2017. Initially, the token was launched in the Ethereum blockchain and later, it was moved into its own blockchain. It supports various types of smart contracts and dapps.
Recently, Tron foundation alongside Justin Sun, Bittorrent and Rainberry submitted a new pre-motion letter on May 2. It proposed a plan for moving to reject the SEC revised complaint. The given document also says that the defendants and SEC have agreed on a briefing schedule without the need for a pre-motion conference unless deemed necessary as per the data revealed by cryptodaily.
A Look Into Tron Onchain Activity
Tron has seen a major gain in onchain transactions in the past few months. The platform has reached over 7.19 Billion transactions since its inception. Meanwhile, the overall accounts grew over 162288 in the last 24 hours and has reached 227,916,410 at the time of writing. The total onchain transactions also jumped over 5.5 Million as per the data provided by Tronscan.
Tron has observed an increase of over $1.38 Billion in the past one months. Meanwhile, a decline of $1 Billion in TVL has also been observed in the last 20 days. Volume has remained constant at around 35 million in the last few weeks. The overall revenue has also taken a plunge alongside the Tron TVL and reached $1.31 Million.
The overall developer counts and commits has also been relatively low as compared to other platforms. It is below 10 on a daily basis as with relatively low developer commits.
The average gas used on the Tron platform is near 15.5k with median gas price remaining constant. The average bridged TVL has observed a rise of over 13 billion from April to May 2024.
The Continued Uptrend Of TRX Price
Tron has a market cap of $10.74 Billion and is ranked 13th in the cryptoverse. The overall volume of the token has seen a decline of 8% in the last 24 hours.
TRX is currently trading near the value of $0.133 with a drop of 0.85% in the intraday session. The digital asset price is currently trading above the 50 and 100-day EMAs with strong bullish candles.
The upward trend of TRX price can see a halt near the value of $0.2. Meanwhile, the downside trend could bounce back from $0.11. Tron is near 63 with no slope suggesting a consolidated trend in price. Meanwhile, the MACD also suggests a weak bearish trend in the price.
Conclusion
Tron has been seeing a strong growth in its TVL and number of accounts in the last few weeks. Justin Sun, the founder of Tron has also acquired over $559,000,000 in Ethereum amid the current correction as per the data provided by lookonchain. TRX price chart is showing strong bullish momentum and could reach a new high soon.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
