Despite the broader crypto market's consolidation, Tron (TRX) has shown resilience. Over the past two weeks, TRX has increased by 2.6% and is currently trading at $0.2495, marking a 0.7% rise in the last 24 hours. This stability contrasts with the muted price action of many other altcoins.
A recent CryptoQuant analysis by BorisVest suggests that the Tron network is in an accumulation phase. The report, "Tron Network Signals Accumulation Phase Amid Decreased Activity," points to declining new wallets and transaction fees. BorisVest interprets this as a consolidation phase rather than a sign of weakness.
Tron's network experienced a spike in complex transactions and gas usage during recent highs, according to BorisVest. Since then, average and maximum gas usage have decreased, indicating a slowdown in usage intensity. The number of new wallet addresses has remained flat or declined, suggesting limited retail growth.
CryptoQuant analyst Darkfost highlighted that Tether (USDT) circulation on Tron has reached a new all-time high, surpassing $71 billion. This places Tron second only to Ethereum, which holds approximately $75 billion in USDT. The increasing stablecoin supply indicates strong demand for value transfer on the network.
Darkfost also noted that Tron's low transaction costs make it an attractive platform for stablecoin users. As more liquidity flows into the Tron ecosystem via USDT, the network's role in decentralized finance (DeFi) continues to grow.
According to the analysis, the decline in wallet creation and overall gas usage may signal a broader accumulation pattern across the Tron ecosystem. Historically, stagnation in user growth and fee activity has preceded stronger market moves. This period of reduced activity could eventually lead to renewed momentum.
This article is based on our author's analysis of materials taken from the CryptoQuant.