Tron (TRX) price has retreated over the past eight days as recent momentum in the ecosystem began to fade.
Tron's Key Metrics Are Falling
Tron (TRX) was trading at $0.1565 on Monday, Sep. 2, down by over 7% from its highest point this year. This retreat has brought its market cap to over $13.5 billion. However, Tron remains one of the best-performing major coins in recent weeks, having jumped by over 44% from its lowest level in August and reaching a record high of $0.1690. The token performed well following several major events during the month, including the launch of SunPump, the network’s meme coin generator.
Tron Price Rally Has Eased
Recently, however, there are signs that the Tron ecosystem is losing momentum. For example, Sundog (SUNDOG), the biggest meme coin in the ecosystem, has dropped by over 24% from its highest level in August. Other tokens like Suncat, SunWukong, FoFar, and Dragon Sun have also dropped by over 50% in the last seven days. Additional data shows that Tron’s total value locked in its decentralized exchange network has dropped by 8% in the past seven days to over $8.1 billion. The volume of tokens traded in Tron’s decentralized exchanges has fallen by over 21% in the last seven days.
Overall State of the Tron Ecosystem
However, Tron remains one of the most popular blockchains in the industry. Its network has brought in over $1.1 billion in revenues this year, making it the second most profitable blockchain in the industry. The network also has over $59 billion in stablecoins and 2.24 million active addresses. Additionally, Tron’s open interest in the futures market has also continued falling, reaching over $141 million on Sep. 2, down from August’s high of $234 million. Tron remains above the 50-day and 200-day Exponential Moving Averages (EMA) and the key resistance point at $0.1451, its highest swing in February. Therefore, it is likely that the token will drop to the psychological point at $0.15 and then resume its bullish trend. More upside will be confirmed if it rises above the year-to-date high of $0.1690.
Tron’s price has retreated after a period of significant growth, but key network metrics show the platform remains one of the leaders in the industry.
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