TRON (TRX) News - Tron’s (TRX) DeFi Ecosystem Exceeds $5.7B in Total Value Locked

 

In brief:

• Total value locked in Tron’s DeFi ecosystem has now exceeded $5.7 Billion
• Tron’s proposal 51 has increased investors confidence in TRX as the digital asset is now deflationary
• TRX’s value has more than doubled in value since the beginning of the year

The Tron (TRX) Defi ecosystem has reached a new milestone in the form of total value locked. According to the project’s founder and CEO, Justin Sun, over $5.7 Billion is now locked on the various DeFi protocols on the Tron network. Mr. Sun shared this milestone with the crypto community via the following tweet.

 

 

Tron is Now a Deflationary Asset as a result of Proposal 51

Also worth mentioning is that Tron is now a deflationary asset thanks to the implementation of proposal 51 by the network’s Super Representatives. According to data provided by Tron community member Crypto Petrov, a total of 54 million Tron (TRX) has been burned forever since the proposal was implemented on the 10th of this month. Additionally, 4,906,000,000 TRX is now frozen thus reducing the circulating supply of Tron.

Proposal 51 was implemented by the Tron community to achieve the following.

Increase the current near-minimal fees for bandwidth and energy by 3,5 times in order to encourage higher freezing rate of TRX, diminish low-value transactions (spam txs), increase security, reduce TRX in circulation, and promote the increase of TRX’s value by eventually making TRX a deflationary asset.

Tron’s Value Has More Than Doubled Since the Beginning of the Year

The implementation of Proposal 51 has had a positive effect on the value of Tron (TRX). At the time of writing, TRX is trading at $0.048 after posting a local high of $0.064 on the 19th of this month.

Tron (TRX) opened 2021 at a value of $0.026 which means that it has increased in value by a factor of 1.84x when compared with its current value and by a factor of 2.46x when compared with its recent peak value.

With the new month of March only days away, chances are that Tron (TRX) will retest or exceed the local peak of $0.064 in the days and weeks to follow. However, as with all altcoins, the fate of Tron is very much tied to that of Bitcoin. Therefore, Bitcoin needs to provide the perfect environment for TRX to thrive.

Tron – Tron [TRX] Bulls Could Finally Be In Control Of The Market

 

Tron – Tron [TRX] Bulls Could Finally Be In Control Of The Market

Tron [TRX] slid to the 23rd position in the cryptocurrency leaderboard after an underwhelming performance this week. It amassed mere gains of 2.80% during the same time.

Tron’s multi-year high was cut short as it noted a volatile market for three-weeks straight that has hindered the bulls from carrying the coin further.

TRX was down by 2.98% over the last 24-hours which drove its price to $0.0599. At the time of writing, it registered a market cap of $4.3 billion and a 24-hour trading volume of $3.02 billion

Tron [TRX] Daily Chart:

Tron [TRX] gained significant traction this month owing to Bitcoin and Ethereum hitting all-time highs. After breaking to a multi-year high, the crypto-asset entered the consolidation phase. And any possible uptrend signs appear to have halted.

Despite this, the support points continued to defend the current level Moreover, there here have been hints of a squeeze in volatility. The Bollinger Bands, for instance, were converging depicting a reversal in the ongoing trend. Could this mean that the much-needed rise?

Buy Pressure Gains Prominence

The Parabolic SAR sided with the bulls. Its dotted markers were found to be hovering below the Tron [TRX] candles supporting the coin’s price movement from an extended downfall.

The green bars of Awesome Oscillator also resumed depicting a shift to bullish momentum. Furthermore, the buying pressure, once again, has set in as depicted by the RSI which was well above the 50-median line and was now heading towards the overbought zone.

Previously, the RSI had rebounded after hitting a local top. But gearing up for another run essentially signified that an uptrend could be in the offing.

Taking the above charts into consideration, if a breakout to the upside for TRX does transpire, it could potentially target its immediate resistance level of $0.064 and $0.08 respectively.

Besides, the $0.05-level presents opportunities to buy the crypto-asset. Other region of support was found to be at $0.035.

Tron – Tron [TRX] Bulls Could Finally Be In Control Of The Market

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