TRON is a popular blockchain network that runs on delegated proof of stake (DPoS) mechanism. It is also known as the election mechanism, where an election occurs every six hours to elect 27 representatives who produce blocks on this network.
The TRON Virtual Machine (TVM) uses ‘Energy & Bandwidth’ instead of gas, just like the Ethereum Virtual Machine (EVM). Both of them offer low-cost smart contract executions to the developers.
Indeed, the average daily active user on the network is down by 27% quarter on quarter, but this decline in Q1 is due to an anomalous spike in Q4. The average new account settled in Q1 was 12% higher than the last 12 months’ average.
However, the average daily transactions increased by 7.7% in Q1. The total transactions from staking activity increased by 197% QoQ, which suggests a decent growth in the network. A larger part (88%) of these transactions were due to TRX transfers and smart contract triggers. The transaction fees also increased in Q1.
The stablecoin landscape of the TRON network stands second to Ethereum. At the end of Q1, TRON held over $40 billion and maintained 95% of the stablecoin value with USDT. Moreover, it also expanded stablecoin with a significant increase in TUSD and USDT.
Is It the Right Time to Invest in TRON?
TRON (TRX) was consolidating in March, but in the last two months, TRX began a bullish momentum, now taking support around $0.069. At the time of writing this post, candlesticks are forming in the lower BB, and RSI is above 50, which suggests a bullish momentum for the short term. The price will be long-term bullish when it crosses the level of $0.075, as per our TRON crypto price prediction.
Based on our analysis and TRON forecast, the TRX price will cross $0.14 in 2023 and consolidate in the next two years within a range of $0.15 and $0.22. After that, TRX will show massive growth crossing $0.5 in 2030. The current price is around $0.07, so it is a great time to invest in this growth sector.