The cryptocurrency market is experiencing a surge of optimism as Bitcoin‘s price breaches the $61,000 mark, a peak not witnessed since 2021. In this climate of market buoyancy, the TRON network’s native token, TRX, stands out by setting a new benchmark for the number of wallet addresses holding the cryptocurrency.
TRON Outpaces Cardano and Avalanche in Wallet Growth
Blockchain analytics platform IntoTheBlock discloses that the count of TRON wallet addresses has soared to a record 95.83 million. This figure underscores TRON’s significant lead over competing layer-1 networks like Cardano and Avalanche, which have wallet addresses tallying less than 10 million each. The TRON DAO’s strategic initiatives are credited for propelling the growth in the number of holders.
Further dissecting the statistics, Cardano boasts 4.46 million wallet addresses while Avalanche registers 6.96 million as of mid-February 2024. Such comparisons reflect TRON’s strong position with an address count exceeding 11.4 million, markedly higher than its competitors.
TRON’s Token Value Climbs in the Market
TRON’s token, TRX, is currently valued at $0.1437, reflecting a modest 1.42% uptick within the last day. Its value has risen by 3.28% over the past week and shown a more remarkable 27.48% increase over the last month. Annually, TRX has surged by an impressive 106.72%.
The token’s growth is particularly noteworthy as it follows the discontinuation of USD Coin support on the TRON network, an action taken by Circle as part of its risk management approach. Additionally, significant developments in Bitcoin’s Layer-2 solutions have made headlines recently. Despite the positive trend, TRX has yet to match its all-time high of $0.23 from January 2018, but its current trajectory suggests a steady ascent toward the heights of April 2021.