TRON outpaced altcoins in BTC performance, with Kraken expanding xStocks to Tron. MetaMask adding TRX support and growing USDT adoption, boosting its user base and exchange partnerships.
Justin Sun’s blockchain, TRON [TRX] is still making waves not only in terms of price performance but also in major partnerships around the crypto space.
The altcoin has outperformed its peers when evaluating their ratio changes against Bitcoin [BTC].
The altcoin has been among the best performers for the year, with returns of more than 115%, per CoinMarketCap. Its user growth has been one of the main drivers of price performance.
That said, Justin Sun is looking to adjust the transaction cost on the blockchain. As the unit price of TRX rises, the fees follow.
This would let TRON remain competitive in as a layer for stablecoin issuance, DeFi activities and tokenization.
Evaluating the weekly gains for the major altcoins against Bitcoin, the charts showed that TRON led with 2.66%.
It was closely followed by Solana [SOL] and Ethereum [ETH], which barely had 1%. For Ripple [XRP], the change was negative 2.28% over the same period.
Following this performance, some users were regretting not to have bought TRX in the previous bear market. This bull market has made TRX have the best returns since 2021.
On the TRX valuation against the US dollar, the altcoin traded at $0.35 per Trading View. Since the 23rd of July, when it traded at $0.24, TRX has stayed above the trendline support with timely bounce of it.
The MACD has flipped bullish after the bounce, but the Stochastic RSI is still at overbought levels. Still, the altcoin shows urge to reclaim $0.37 which was its previous peak as users continue to rise.
User growth is the standout driver of TRON’s price growth, driven by the surge in chain activity. Kraken users will now trade their xStocks on the TRON blockchain.
The tokenization of stocks on TRON brings another bunch of traditional participants of the markets. Kraken’s tokenized equities include Apple, Tesla, among others.
Additionally, TXR is being integrated on MetaMask per CoinMarketCap. This will bring more than 100 million users on board. Recently, MetaMask also integrated Sei Network [SEI] and Solana.
Also, institutions have been heavily relying on the blockchain in moving their USDT. Most of the USDT is transacted on TRON blockchain, with more than $860 million flowing into exchanges.
This has been the case since 2022, with USDT accounting for 61% of total transactions on TRON.
Among the exchanges, OKX led this inflow of stablecoins through the network. Bitfinex came second, but its volume, in reality, was about a fifth of what was moved on OKX.
