Data from the analytical platform IntoTheBlock (ITB) has revealed growth statistics for wallet addresses on the Tron Network. According to the report, the total number of addresses on the Tron Network with balances greater than zero has crossed 95 million.
This development confirms that more investors are accumulating the tokens.
Tron Network Records Massive Increase Over One Month
The IntoTheBlock data shows that the addresses increased over the past month from a low of 93.78 million to a high of 95.88 million. This massive growth tallies the surge in adoption ratio with a positive 30-day low of 10.29% and a high of 14.69% recorded.
Also, a total of 117.59 million (99.06%) of the total addresses on the network are in profit. Based on the data provided, Tron addresses profitability, which has stayed above 98% for weeks, confirming an improvement in the network.
Even though TRON’s price is below $1, its utility attracts more users to the network.
For instance, it hosts other on-chain assets such as USDT, and it is one of the cheapest routes to transfer the stablecoin. Therefore, there’s a possibility of more growth and subsequent price gains in the future as more people utilize the network.
Tron’s increase in the number of addresses is already quite impressive compared to other layer-one networks, such as Cardano and Avalanche, with less than 10 million addresses.
This supports the growth agenda for the network that Trondao promotes and will likely help boost the price of its native coin.
There are more than 95 million TRON network addresses! Quite an impressive number, considering other layer 1 networks like Cardano and Avalanche have fewer than 10 million addresses. The consistent growth in addresses highlights the growth @trondao is fostering. pic.twitter.com/N7dZqobRlz
— IntoTheBlock (@intotheblock) February 28, 2024
Tron Battling with Controversies
Despite the positive metrics recorded, Tron still has its fair share of controversies based on allegations of non-adherence to regulations and market manipulation. These allegations have forced Circle to discontinue the operation of stablecoin USDC on the TRON blockchain.
1/ We are discontinuing USDC on the TRON blockchain in a phased transition. Effective immediately, we will no longer mint USDC on TRON. Transfers and redemptions of USDC on TRON will continue to operate normally through February 2025. Read the details: https://t.co/kw9A3ZUpWH
— Circle (@circle) February 21, 2024
In a blog post, Circle announced on February 21 that the decision aligns with their commitment to maintain transparency and safety for USDC. Although Circle did not explain why they were parting ways with Tron Blockchain, transparency and trust were emphasized.
Circle was caught in regulatory issues in November 2023 and had to deny allegations of providing illegal financing for Tron’s founder, Justin Sun.
This denial came after an accountability group made allegations linking Tron to significant trades made by sanctioned entities and organized crime cartels.
Also, the US Security and Exchange Commission (SEC) sued Justin Sun last year and the Tron Foundation for allegedly offering unlicensed securities and manipulative trading. However, Sun denied the SEC claims, stating that they lack merit.
These controversies could influence TRON’s price in the long term, although it records slight gains today based on positive market sentiments.
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