Tron ecosystem on Thursday, October 3rd posted a third-quarter overall revenue of $577 million, making it a 43% rise over the previous quarter. Interestingly, the revenue collection for the quarter is the biggest since the protocol’s launch. Its year-to-date revenue now stands at $1.66 billion, making it a rise of over 112.7%.
However, despite the incredibly high revenue for the quarter, the price for TRX was range-bound during the day. At the press time, TRX is trading at $0.1541, down nearly 0.3% after being up nearly 0.5% earlier in the day.
Tron’s record revenue has also outperformed Bitcoin and Ethereum generating hopes that the last quarter of the year will bring even higher growth for the ecosystem.
Tron’s Rise In Tandem With Stable Coin Rise
Tron’s higher revenue for the quarter comes on the back of rising demand for Stablecoins. At $59.8 billion on the chain, Tron’s stablecoin market share was 34.8% as of September 23, per data from CoinGecko. This is the second highest after Ethereum, making Tron one of the most popular options in the market.
In the global trading market, Stablecoins’ appeal as a payment option is what makes them strong. IMF in its previous report highlighted that the three major potential benefits linked to Stablecoins are speed, global reach, and low prices.
Furthermore, because of their open architecture, Stablecoins—as opposed to banks’ proprietary legacy systems—can be integrated into digital apps and facilitate the easy payment of blockchain-based assets.
Will TRX Be Range-Bound Even in The Future?
At present TRX’s current trading has left investors wondering if the Stablecoin can pick pace in the future. A major reason for the ropy trading can the overall dampened sentiments in the crypto markets due to ongoing geo-political tensions.
Tron’s 50-day moving average and 200-day moving average at prsent indicate that in the coming month, the Stablecoin might further take a downturn to hit to $ 0.131775.
Tron had announced recently that the ecosystem was seeing an increased network activity. Additionally, to handle growing network demand, it intended to increase its energy cap to 180 billion. Taking this optimistic case in the scenario, TRX might see an upward trajectory, given investor confidence takes a further uphill in the future.
TRX’s technical indicators show that the coin currently stands in bullish territory, and the Fear & Greed Index is currently reading 42 (Fear). Over the previous 30 days, TRON had 14/30 (47%) green days and 1.48% price volatility.
If Tron continues its present price momentum, its 200-day SMA will reach $ 0.135043, during the course of the following month. At the same time, Tron’s short-term 50-Day SMA is predicted to reach $ 0.142201. As of right now, the TRX market is neutral, as indicated by the RSI figure of 55.12.