• Tron’s native token, TRX, experienced a 13.6% price increase over the past 30 days
• The coin outperformed Bitcoin and Ethereum in weekly performance
• Factors influencing Tron’s market performance include its Fear and Greed Index, network developments, and token burning activity
Tron Up 13.6% Over Last 30 Days
Tron’s native token TRX has seen a significant price increase of 13.6% over the last 30 days, outperforming Bitcoin and Ethereum. This strong performance is likely due to several factors including market sentiment, network development and token burning activity.
CoinStats‘ Fear and Greed Index currently places Tron’s market sentiment at 53 which puts it firmly in the ‚greed‘ category. The higher levels of investor confidence in Tron could explain its recent surge in value over the past month.
The Tron Network recently released a report on significant changes to their protocol. Highlighted amongst these was an impressive surge in burned tokens – topping 15 billion – which could lead to deflationary pressure on TRX prices in future.
Token Burning Activity
Data from Tronscan shows that daily burn rates have increased by 60% from the previous month with fewer newly created tokens compared to those burned leading to a decrease in total supply available for trading on the market.
The combination of strong investor confidence, improved network developments and increasing token burn activity are likely all contributing factors to TRX’s impressive gains over the last month despite flat trading across other cryptocurrencies such as Bitcoin and Ethereum.