The significant rise in long-term holder addresses for TRX reflects growing investor confidence in the future of the Tron network.
Data from blockchain intelligence firm IntoTheBlock reveals a dramatic increase in the number of addresses holding Tron’s native token TRX for the long term over the past 12 months. A tweet from the market analytics platform indicated that the Tron network now boasts nearly 90 million long-term holder addresses, marking a remarkable 237% increase in the last year.
Increase in Long-Term Holders of TRX
According to IntoTheBlock, this surge in long-term holder addresses underscores robust confidence in the network’s future, as more investors are choosing to hold onto the cryptocurrency for extended periods.
This address growth also mirrors significant expansion and high activity on the Tron network. In recent weeks, TRX has been one of the top-performing crypto assets. The token's 30% rise in late August propelled it into the top ten cryptocurrencies by market cap, surpassing $14.5 billion.
Although TRX’s market cap had decreased to $13.3 billion at the time of writing, the token remains the 11th largest, surpassing Cardano (ADA) and Avalanche (AVAX).
Price Movement and Network Activity
The price increase of TRX in August put all holders in profit. At that time, the asset was valued at $0.167. However, a slight decline to $0.154 at press time reduced the proportion of profitable holders to 95%; 2% are currently at a loss, while the remaining 3% are at the break-even point.
Stablecoin and Network Activity
In addition to the notable price movement of TRX and the rise in long-term holder addresses, the Tron ecosystem has experienced high transaction volumes and revenue growth in recent months.
In April, IntoTheBlock reported that the weekly transaction volume of Tether (USDT) on Tron was double that of Ethereum. In June, blockchain analytics platform Lookonchain found that the 24-hour trading volume of USDT on Tron reached $53 billion, surpassing Visa’s average daily trading volume of $42 billion for the first quarter of the year.
Last month, Token Terminal data revealed that Tron had overtaken Ethereum in revenue generation. Over the 90 days ending August 15, Tron generated approximately $435 million in fees, while Ethereum earned $364 million.
Moreover, Tron’s new meme coin creation platform, SunPump, has seen significant activity since its launch less than a month ago, facilitating the creation of over 50,000 tokens.