Tron (TRX) Price Prediction: DeFi TVL Surges in Tron Ecosystem
Tron price experienced a significant surge on Tuesday, reaching its highest level since July 30th. This surge was mainly driven by the increasing popularity of decentralized finance (DeFi) in the Tron ecosystem. Additionally, the filing of a Bitcoin exchange-traded fund (ETF) by Franklin Resources, a major US company, also contributed to the positive sentiment surrounding Tron.
DeFi TVL Soars in Tron Ecosystem
One of the key factors driving the surge in Tron price is the rising total value locked (TVL) in the Tron DeFi ecosystem. The TVL in Tron’s DeFi ecosystem has reached $5.7 billion, making it the second-largest player in the DeFi sector after Ethereum. This growth in TVL is attributed to the increasing adoption of Tron’s decentralized applications (dApps), which have seen a rise in the inflow of funds.
Most dApps in the Tron ecosystem, such as JustLend, JustStables, Sun, and stUSDT, have experienced a significant increase in their TVL in the past 7 days. JustLend’s TVL has jumped by over 7% in this period, while JustStables, Sun, and stUSDT TVL have risen by more than 5%. These statistics indicate the strong user engagement and activity within the Tron ecosystem.
Tron remains one of the most active blockchains in the industry, with over 1.25 million active users in the past 24 hours. The revenue generated by Tron in the same period exceeded $1 million. These numbers highlight the growing popularity of Tron and its ability to attract users and usage.
Franklin Resources’ Bitcoin ETF Application
The recent filing of a Bitcoin exchange-traded fund (ETF) application by Franklin Resources has further boosted the sentiment surrounding Tron. Franklin Resources is one of the largest asset management companies in the US, with assets under management (AUM) exceeding $1.5 trillion. This application is significant because of the company’s size and influence in the industry.
While it is uncertain whether the Securities and Exchange Commission (SEC) will approve the Bitcoin ETF applications, analysts believe that the recent breakthrough by Grayscale Bitcoin Trust could pave the way for their acceptance. Companies like Ark Invest, Invesco, and Blackrock have also submitted Bitcoin ETF applications, indicating a growing interest in cryptocurrencies among institutional investors.
US Inflation Data Impact
Another factor that may impact Tron’s price movement is the upcoming release of US inflation data. These numbers, set to be released on Wednesday, are expected to show that inflation remained at an elevated level in August. Any indication of higher inflation could contribute to the overall positive sentiment towards cryptocurrencies, including Tron.
Tron Price Prediction
The TRX price has been in a strong bullish trend in recent months, as indicated by the daily chart. It has formed an ascending channel and currently sits at its middle point. Tron’s volume has also been relatively high, and the price remains above the 50-day moving average. Based on these factors, the overall outlook for Tron is bullish.
The next level to watch for Tron is at $0.0851, which was the highest level reached on July 28th. In terms of risk management, the suggested stop-loss for this trade would be at $0.077.
How to Buy Tron
If you’re interested in buying Tron (TRX), here are two popular platforms where you can do so:
– **eToro**: eToro is a multi-asset investment platform that offers over 60 cryptocurrencies, including Tron. It also provides access to a wide range of other assets such as stocks, ETFs, indices, and commodities. eToro offers a user-friendly interface and allows users to connect with, learn from, and copy other successful traders.
– **Binance**: Binance is one of the largest and most reputable cryptocurrency exchanges in the market. It offers a wide range of cryptocurrencies, including Tron, and provides advanced trading features for experienced traders. Binance has a user-friendly interface and has gained a strong reputation for its security measures.
Both eToro and Binance offer a seamless and secure way to buy Tron and other cryptocurrencies.
Tron’s recent price surge and the growing TVL in its DeFi ecosystem indicate a positive outlook for the cryptocurrency. The filing of a Bitcoin ETF application by Franklin Resources, a major US company, further boosts the sentiment surrounding Tron. Tron continues to be a highly active blockchain with a large number of users, showcasing its potential for further growth. To stay updated with the latest news and developments in the crypto space, visit [Uber Crypto News](https://ubercryptonews.com).