Tron (TRX), a cryptocurrency that was almost identical to Bitcoin, managed to achieve a feat of similar magnitude two weeks ago. It became legal tender in the Commonwealth of Dominica.
16Th largest cryptocurrency in terms of market capitalization successfully replicated Bitcoin’s feat when it became a LegalTender accepted within El Salvador.
- After a surge in TRX prices following the announcement that it will be legal tender within the Commonwealth of Dominica, its price has retreated slightly
- Coin is currently trading at $0.0616
- Tron Protocol’s TVL drops to $1.25 billion
Tron experienced a minor price surge on October 15, shortly after the announcement. It traded at $0.0646.
The asset, however, is once again experiencing price correction as it failed to capitalize on its gains, going back to its downward trend that’s been going on for the past few weeks.
Data from CoingeckoTRX trades at $0.0616 Although the asset has been in decline it still managed to maintain its losses to a minimum.
Tron Network Reaches Milestone
Data shared by TRONSCAN showed TRX’s NetworkThe number of users reached 117million. This is the largest figure for this project yet, but it did not help push trading prices higher.
The Stakers remain strong supporters of Tron and continue to stand by it. There was an increase in stakers of the protocol by 1.17%, which reached 305,458 over the 30th days.
That’s where the good news ends for the digital asset, as it also tackles with negative developments that will make it harder to make price rally anytime soon.
Active users for dApps running on the crypto’s network declined over the last seven days. This has had an impact on the total value locked of the protocol, which now stands at $1.25 trillion.
Source: DeFiLlama
Social mentions of Tron declined sharply over the last week. They fell by 18.5%. It was clear that the sentiment toward the protocol, and its native cryptocurrency, is still negative.
The Price Forecast for the Rest of 2022
Tron will have a better month next month ForecastedTo trade at an average price of $0.0679. Although there is the possibility that this asset may settle at $0.0659 per month, it still has a higher spot price than today.
The crypto market is unlikely to see much volatility in December, except that it could trade as low $0.0729.
TRX will perform better than expected in 2023, as the average TRX price is $0.10998. Based on estimations, the highest that crypto assets can rise next year would be $0.11998.
Total market capital of TRX at $5.6 Billion on the Daily Chart | Featured image from Inside the Magic, Chart: TradingView.com Disclaimer: This analysis should not be taken as investment advice.