Tron [TRX] had a stellar November, riding the bullish wave that swept across major networks. However, what set Tron apart was its exceptional performance in stablecoin transfers. According to CryptoQuant, Tron’s USDT transfer volume reached an unprecedented $587.2 billion in November, marking its highest monthly volume ever. This achievement crowned Tron as the top network for stablecoin transfers during the month, building on months of steady growth.
A Record Month for Tron
Tron’s milestone in stablecoin transfers was underpinned by robust on-chain activity and rising Total Value Locked (TVL). The network’s TVL in USD hit an all-time high earlier in December, reflecting sustained network expansion. However, TVL measured in TRX terms has been declining, standing at 27.62 billion TRX as of December 13, a steep drop from its March peak of 83.70 billion TRX. This divergence highlights the role of TRX’s price rally in driving the dollar value growth.
Daily transaction volumes on Tron also showcased an impressive annual rise but have recently slowed. December has seen a sharp decline in activity, with daily transactions dropping from a December 3 peak of 9.03 million to 6.81 million as of December 14.
Profit-Taking Pressures TRX
Tron’s recent price action reflects this slowdown. After peaking at an all-time high (ATH) of $0.2878 on December 3, TRX has experienced a significant 36% decline over the past two weeks, with profit-taking being a dominant theme. The network recorded $5.51 million in outflows in the last 12 hours of December 14, signaling bearish sentiment.
Can TRX Regain Momentum?
Despite the dip, TRX retains notable market interest. Open Interest remains high at $277.76 million, suggesting traders are still eyeing opportunities. Additionally, positive funding rates indicate that bearish expectations are not overwhelming.
As Tron navigates these fluctuations, the network’s dominance in stablecoin transfers underscores its growing utility and market position. However, sustaining momentum amid declining transaction activity and price pullbacks will be critical for Tron’s trajectory moving forward.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Bonk (BONK) Set for 250% Rally As Whale Interest and Strong Support Signal Upside
About The Author
