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Supply On Steady Decline, TRX Holders On Rise, Can It Hit $0.20?

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On July 2nd, 2024, Tron announced that they had burnt 11.531 Million TRX tokens. Token burnings are crucial to lowering their supply to stabilize the value of the existing TRX.

Its negative production ratio of -6.465 Million TRX showcases the dedication of the Tron Network towards deflation and value expansion.

At the time of writing, TRX was trading at $0.1297 with an intraday rise of 0.35%. It had a trading volume of $261.93 Million, while its market capitalization stood at $11.34 Billion.

TRON (TRX) 1.D. | Source: TradingView

The price was going to break out of a symmetrical triangle on the weekly chart, having strong support from 50-day and 200-day EMA bands. The MACD shows a bullish cross probability, and the RSI at 61.13, jumped from the 14-SMA.

An Increase Was Witnessed in Tron (TRX) Account Activity!

The Tron ecosystem has progressed and developed rapidly, and they still continue to put seamless efforts towards making the web decentralized. 

Total Account | Source: Tronscan

As per Tronscan, at press time, total accounts(including wallet accounts and contract accounts) holding TRX exceeded were 241,493,387. In the past 24 hours, there was an increase of 219,561 accounts.

Furthermore, the active accounts that have transfer traces or transaction traces have increased from February 2024. On average, at the time of writing, the daily active accounts on Tron have reached 2.675 Million.

TRX holders | Source: Tronscan.org

The TRX holders chart shows the number of accounts that are holding TRX tokens on TRON. The graph shows a seamless surge in this metric; Tronscan highlighted that TRON has over 134 Million accounts that are holding TRX. That makes up about 55.80% of accounts that hold TRX on TRON out of the total accounts of nearly 241.493 Million accounts.

On Chain Data Size Seamlessly On The Rise!

On-chain data size is the total size of TRON’s on-chain data in bytes. A higher node storage volume is required for a higher on-chain data size.

TRX

On-chain Data Size| Source: Tronscan

Since this graph has no setbacks, this represents that on-chain data size and node storage volume have been increasing simultaneously. At press time, the data size stood at 2.177 trillion bytes.

Furthermore, the average block size of the network has been growing since February 2024 and has reached 59.1 K bytes.

Overall, the protocol revenue trend has increased from last month; recently witnessed protocol revenue was $1.48 Million, and the last 365 days was $469 Million in total.

Supply is Declining Steadily!

The trend of supply, whether it’s in inflation or deflation, matters to an asset that affects the price of an asset. Similarly, as per Tronscan, the TRX supply chart shows that it has been in deflation for 661 days straight, with an annualized net negative production rate of -2.95%.

TRX

TRX supply | Source: Tronscan.org

At press time, the total supply of TRX was 87.185 Billion, where daily supply change was -0.0074%.

TRX

TRX Generated/ Burned | Source: Tronscan

Furthermore, TRX Generated/Burned graph shows that the TRX generated in the past three months was flat, at around 5.06 Million TRX. Whereas, the TRX token that burned in the past three months showed token burning between 10.98 Million And 14.01 Million per day.

Tron(TRX) Price Forecast!

Tron is primed for higher levels, as it is on the rise, and displayed strong momentum after it broke out from the symmetrical triangle pattern. If it continues to rally, it could shatter the ceiling and rise higher.

Therefore, based on the momentum, the resistances would be $0.1400, and $0.1500. Beyond these resistances, the doors would open for higher levels towards $0.20. Meanwhile, it is near its mid-may resistance at $0.1300. If it goes lower, bears could aim for the $0.1150 and $0.1050 marks.

Summary

On July 2nd, 2024, Tron burnt 11.531 Million tokens, reducing supply to boost price value. The On-chain data size and node storage volume have been increasing simultaneously without disruptions.

At press time, TRX’s daily supply change was -0.0074%. TRX price was forecasted to rise further, with resistance levels at $0.1400 and $0.1500, potentially reaching $0.20. Potential support levels are at $0.1150 and $0.1050.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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