The TRON Blockchain [TRX] has made tremendous progress since its launch. Housing over 100,000,000 accounts, the network has witnessed a transaction count of 3,481,985,024. According to data from blockchain analytics platform, Coin98, the TRON Blockchain ranked second on the list of top 10 blockchains. The blockchain had a total locked volume (TVL) of 3,917,8181, 257 with the highest TVL in the first half of 2022 besides the Ethereum chain.
Currently ranked at #13 on CoinMarketCap’s list of crypto assets with the largest market capitalization, TRX, the network’s native coin stood at a market capitalization of $6.35 billion. In light of the growth of the TRON Network in the last six months, how did its native, TRX fare?
TRON started the trading year with an index price of $0.075. Already on a downward trend, the cryptocurrency market bloodbath of April made it worse as the price per token touched a low of $0.05. Within the first few weeks in May, the bulls initiated a price rally that saw the coin mark a spot at $0.08. A bearish correction soon followed this. Finally, the bulls were able to take over and the token closed May at a high of $0.081. After touching a high of $0.088 on 1 June, the price per TRON coin took on a steady decline, and the coin ended the first half of the year with a price of $0.068. Over the six-month period, the coin registered a 9% drop in its price. Furthermore, in the first half of the year, the coin’s market capitalization witnessed a decline from $7.77 billion to $5.85 billion.
As per data from Santiment, the total supply of TRX coins held by whales over the six-month period saw a gradual decline. Standing at 44 at the end of June, a 21% drop was logged during the period.
On the developmental front, TRX was able to register a 40% uptick within the period under review.
Furthermore, on a social front, the token hit several lows and highs during the year’s first half. The coin logged a 32% decline in its social dominance within that period. Similarly, its social volume saw a 46% decline in the year’s first half.