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Tron makes a strong push for USDT payments: Does TRX have a chance to bounce back?
The relationship between Tron and the stablecoin USDT is becoming increasingly closer. Notably, the Tron Network remains the leading blockchain platform for payments using USDT.
Users not only hold USDT but also actively transfer Tether's stablecoin on the Tron network. This further strengthens the leading position of blockchain in the payment sector.
USDT trading on Tron diverts from CEX exchanges
According to data from CryptoQuant, over 70% of USDT transactions on Tron are wallet-to-wallet. This indicates direct peer-to-peer transactions, not necessarily through centralized exchanges or DeFi protocols.
CryptoQuant also emphasizes that the daily number of USDT P2P transactions on Tron has tripled since 2023.
The supply ratio of USDT on CEX exchanges decreased by about 13% after Tron’s price surge of 46% at the beginning of 2023. This trend indicates that a large portion of USDT transactions on Tron has moved off the trading platform.
Despite such changes, the trading volume of USDT on centralized exchanges remains high. The total supply of USDT on CEX platforms is currently around 11 billion USD.
As of now, centralized exchanges account for about 40% of the total value of USDT flow on the Tron network.
In addition, the daily USDT-Tron trading volume on CEX exchanges reaches around 10 billion USD. In contrast, off-exchange USDT transactions have surged to about 15 billion USD per day — a significant increase compared to the 5 billion USD/day recorded at the beginning of 2023.
The increase in USDT trading off-exchange reflects the growing acceptance of this stablecoin in practice, including payments, remittances, and lending/borrowing activities.
Increase in large transactions from TRX whales
While the transfer of USDT on the Tron network mostly comes from exchanges, the "big players" are also significantly increasing their activity.
According to data from IntoTheBlock, whale activity on Tron has pushed the trading volume up to 1.36 billion TRX, equivalent to about 13.5 million USD at the current market price.
This huge trading volume indicates that TRX whales are actively buying or selling assets, which could be a sign of preparation for significant price volatility in the near future.
The price of TRX has slightly increased by 1.3% in the past 24 hours, although it has still decreased by 2.21% on the weekly chart. Thus, whale activity has affected the current price outlook.
However, the daily trading volume increased by 35%, reaching 1.9 billion USD. Notably, if the trading activity from TRX whales continues to be maintained, it could create positive psychological momentum for retail investors, thereby giving the price of TRX a chance to rise higher in the future.
Is the price of TRON (TRX) about to recover?
Investors are hoping for a new breakout, as many signals indicate that a recovery is taking shape in the Tron ecosystem.
For example, according to the technical chart, the price of TRX could exceed the 0.33 USD mark if it breaks the resistance at 0.312 USD. However, this depends on whether the trading volume is large enough to support it.
In addition, the relative strength index (RSI) is at 55, meaning the asset still has room for price increase before entering the overbought zone.
Moreover, the Tron ecosystem is currently very suitable for large volume transactions, thanks to recent developments. Notably, Tron has integrated the MoonPay wallet into its platform, allowing users to manage TRX or USDT without the need for external platforms. This integration enables users to interact with the blockchain faster and more cost-effectively.
In addition, Tron is said to be preparing for a public listing in the United States through a reverse merger with SRM Entertainment, which is listed on Nasdaq.
After this information, the price of TRX quickly increased by 3%. If the listing process really takes place, TRX could continue to rise sharply and even set a new peak.
Finally, recent on-chain data shows that over 94% of TRX holders are currently in profit, reflecting strong market momentum and high confidence from investors.
Dinh Dinh