Tron network exceeded four billion transactions amidst speculations of a group affiliated with Justin Sun acquiring Huobi and a prolonged bear market. Despite diminishing blockchain development activity, Tron purchasers drove the price of the commodity upward.
The inventor of Tron, Justin Sun, is reported to be the true buyer of the cryptocurrency exchange Huobi. According to sources close to the situation, Sun purchased Huobi with the assistance of FTX exchange’s Samuel Bankman-Fried.
In the midst of speculations, the Tron network reached a new milestone. The total number of blockchain-based transactions exceeded 4 billion. In the previous twenty-four hours, the Tron blockchain has added 4,812,800 transactions, bringing the total TRX value to above $12.5 billion. After Tron became the second-largest public blockchain, the number of accounts on the network surpassed 115 million.
Despite recent optimism among purchasers, the investor mood index has remained largely negative. There is no major growth in Tron blockchain development activities. Considered an indication of a project’s significance and future usefulness, development activity is a key measure of a project’s relevance and viability. Likewise, social sentiment is an indication of an asset’s future price trend or impending reversals.
Observing TRX on-chain indicators, it is clear that development activity has reached an all-time low and that the trust of major wallet investors in Tron remains low. The proportion of the entire stablecoin supply owned by whales is indicative of their faith in the asset. If the quantity of TRON possessed by whales is low, as is the situation with TRON, whales have little confidence.
Despite this, researchers at BeInCrypto predict the price of Tron might surpass $0.065 because to the strong trend on the spot market and futures mood. A refutation of the aforementioned long-term bearish thesis might cause the TRX price to surpass the $0.070 barrier level.