Is Tron (TRX) Price Breakout To $0.3 Confirmed With Major Stablecoin Milestone
Key Insights:
- Stablecoin users have shifted attention from Ethereum to the Tron Network, can this affect TRX price.
- Analysts draw a correlation between Bitcoin and Tether’s growth, which may likely impact Tron.
- Sustaining trading volume on TRX could help push the price above $0.30.
Tron (TRX) has gained dominance in the stablecoin space in the last 14 days, competing with notable names such as Solana and Ethereum.
The performance against Ethereum in the last seven days has sparked conversation about Tron price’s chance to hit $0.30 in the crypto market.
Tron Secures Stablecoin Dominance
Notably, Tron price eyes breakout as the network has dominated USDT transfer activity and flipped Ethereum to emerge as the leading platform for this major stablecoin.
As per insight shared by CryptoQuant, a leading on-chain platform, Tron is now more actively used by market participants than Ethereum for USDT transactions.
This means that users in the stablecoin space prefer the Tron network for transferring Tether.
Data shows that the total USDT circulating on the Tron network is $75.8 billion. This amount is staggering and accounts for a vast portion of all USDT in circulation.
Meanwhile, the daily volume of USDT transacted on the Tron network has been estimated at $23.4 billion.
This indicates the high usage of USDT for payments, transfers, and trading on Tron. This development might mean that stablecoin liquidity has shifted away from Ethereum.
Interestingly, at the close of Q1, Ethereum had 58% dominance, as compared to Tron’s 31% in a $200 billion market space. These metrics indicate that Tron price is gearing up for a major rally in the coming days.
Lower transaction fees and faster settlement times are likely some of the attractions fueling Tron’s growth against Ethereum.
The increased stablecoin activity suggests high network usage since TRX is often used as transaction fees on the Tron network.
This might trickle down to fuel the coin’s value growth moving forward.
Notably, with Tron processing 2.4 million USDT transactions daily, the transaction fees in TRX could create demand that impacts price.
Additionally, the high volume indicates that Tron has gained superiority over Ethereum. The data shows Ethereum only handles 284,000 transactions per day.
As noted by CryptoQuant, Tron has the “stablecoin crown secured.”
The leading on-chain data platform implies that Tron has become the leader in stablecoin usage, especially for USDT.
Analysts Predict Tron (TRX) Price Surge as Bitcoin Appreciates
The performance of USDT on the Tron network has triggered a bullish prediction among some analysts in the crypto space.
Willy Woo, a crypto enthusiast, commented on a post that observed the growth in Tether’s U.S. Treasury holdings, which are surpassing Germany’s.
Woo noted, “Tether will likely be the #1 holder of U.S. treasuries.”
Notably, Tether backs a good portion of its stablecoin reserves with U.S. Treasuries.
So, in a booming crypto market with more demand for USDT, Tether will need to buy more treasuries to back the tokens.
Woo predicted that by the time Bitcoin hits $1 million, Tether would have become the leading holder of U.S. Treasuries.
If the current preference for the Tron network continues on this trajectory, demand could also increase for TRX.
Such a development would likely impact price and cause TRX to appreciate as more users demand it for transaction fees.
Can TRX Price Flip $0.30?
As of press time, Tron price was trading up slightly by 0.23% at $0.2656. This was after it hit a peak of $0.268 as it looked to attempt the $0.30 level.
Despite the slight correction, investors remain active and have increased trading volume by 26.62% to $828.2 million.
If the ecosystem sustains the current momentum, it could push prices towards the $0.30 and $0.35 range.
However, TRX must breach the $0.28 resistance level to witness a breakout.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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