Tron (TRX) faced significant losses recently as the market reacted sharply to macroeconomic fears. According to CoinGecko, the token fell nearly 6% last week but has since rebounded, showing a nearly 1% gain as of today, August 7th. This resilience continues to impress the community.
As the broader market shows signs of recovery with a slight uptick in total market cap, TRX may experience growth in the coming days. Despite the market downturn, Tron remains profitable. A report by Bankless delved into the on-chain profitability of several layer 1 and layer 2 networks, including Tron.
According to their findings, Tron is the most profitable chain, earning $271 million in the past year. In stark contrast, Solana posted a loss exceeding $2 billion. Tron’s impressive revenue of $1.4 billion over the last year is attributed to its substantial investment in stablecoins, positioning it just behind Ethereum in stablecoin activity.
Further boosting stablecoin usage on Tron, TokenPocket, a crypto wallet provider, has introduced a feature allowing users to pay gas fees using Tether (USDT), benefiting those who don’t hold TRX. This development has stirred interest in Tron, which has processed over $8 billion in transactions and boasts a total value locked (TVL) of $19.6 billion, according to its official website. TRX is currently trading at $0.124.
The token’s stable positioning between $0.1229 and $0.1271 this year places pressure on the bulls to maintain this support range for a future breakout. TRX’s movements often mirror Ethereum’s, much like ETH follows Bitcoin, serving as a market gauge.
While Bitcoin’s rebound has slowed, possibly hindering TRX’s short-term breakthrough, mid to late August holds potential for a bullish turn if Bitcoin and Ethereum recover from recent market overreactions. However, the market’s volatility could obstruct any short-term upward movement, making it crucial for bulls to maintain the $0.1229-$0.1271 range for long-term strength.
 shows resilience with a slight rebound amid market turbulence. Currently trading at $0.124, TRX impresses with strong on-chain profitability.){kind=link}