In the face of hacks, exploits, and a general market downturn, the year so far has been tumultuous for decentralized finance (DeFi) and the players within the ecosystem.
According to data from DeFi Llama, the total value locked (TVL) across existing DeFi protocols has seen a 68% decline since the beginning of the year. Furthermore, leading networks such as the Ethereum Network and the BNB Chain – houses to many leading protocols- have each registered a 69% decline and a 62% decline in their respective TVLs.
However, with a TVL of $5.68b, the Tron Network has seen a 9% uptick from its TVL of $5.21 billion recorded at the beginning of the year. This rally came after the TVL touched a low of $3.95 billion on 29 June. Since then, the TVL on the Tron Network has grown by over 40%.
Has the network’s native coin, TRX, recorded similar tremendous growth since 29 June? Let’s take a look.
Lows, highs, then more lows
The last 13 days have been marked by a struggle between the bears forcing a downward price movement and the bulls pushing for an upward correction of TRX.
On 29 June, the price of TRX was pegged at $0.066. By 3 July, the bears pushed the price further downwards, causing it to touch a low of $0.062. This was, however, followed by a bullish retracement that led to a high of $0.070 by 9 July. Exchanging hands at $0.0647 at press time, the coin has since registered an 8% decline.
Trading at its March 2021 level, the TRX coin registered a 2.13% price decline in the last 24 hours of 12 July.
At the time of press, selling pressure was starting to increase as the Relative Strength Index (RSI) was spotted in a downward curve at 44.68.
A tale of steady declines
As per data from Santiment, analysis of the on-chain performance of the TRX coin revealed a steady decline in key metrics since 29 June. On a social front, the coin has seen a 10% decline in its social dominance.
At press time, this was pegged at 0.27%. On the other hand, it recorded an uptick in its social volume. At 226 at press time, a 10% spike has been logged since 29 June.
In addition, since 29 June, the percentage supply of TRX coins held by whales has seen a minor decline of 1%. At the time of writing, this stood at 43%.
The developmental activity on the TRX network also logged a 0.1% decline within the period under review. At the time of this analysis, this stood at 11.