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Over the past few days, the price of Tron (TRX), the native cryptocurrency of the Tron network, has ranged between $0.32 and $0.33; however, investors have been locking in profits.<\/p>\n
The profit-taking spree has led to TRX recording its second-largest single-day profit event this year. An analysis by the market research firm Glassnode has revealed<\/a> which cohort of investors is responsible for this development.<\/p>\n According to Glassnode, the majority of the profit-taking is coming from wallets that have held TRX for three to five years. This shows that investors who participated in the 2020-2021 bull cycle are exiting into strength. Glassnode said this shift in behavior could influence short-term market dynamics. It remains to be seen whether this shift will be positive or negative.<\/p>\n The three-to-five-year cohort spearheaded the profit-taking on August 5, driving the 24-hour Realized Profit metric to $1.4 billion. This figure comes second to the $2.2 billion recorded on May 30. Even Bitcoin\u2019s\u00a0 24-hour Realized Profit metric sat below Tron\u2019s, at $665.1 million, while that of Ethereum stepped down further to $337.2 million.<\/p>\n Glassnode says profit-taking for TRX has remained accelerated since Saturday, with roughly $1 billion realized every day. This is the most sustained wave of realized profit the Tron network has seen in months.<\/p>\n On the other hand, the Net Unrealized Profit & Loss indicator is in Optimism\/Anxiety territory, and the Spent Output Profit Ratio (SOPR) is greater than one. This confirms that investors are taking profit into strength. Tron\u2019s 24-hour Realized Loss was a mere $31,600.<\/p>\n The latest development comes as the Tron ecosystem sees an increase<\/a> in network activity. The blockchain recently beat<\/a> Ethereum in global Tether USD (USDT) transactions by more than five times. Since the beginning of the year, the USDT supply on Tron has grown by more than $20 billion. As at writing time, the network hosted over $81 billion USDT, per data<\/a> from analytics platform DeFiLlama.<\/p>\n Tron also handles about 60% of all USDT transfers, serving as the preferred network for institutions and developing countries. Last week, TRX ranked<\/a> among cryptocurrencies dominating social media discussions, highlighting sustained investor interest in the digital asset.<\/p>\n Meanwhile, the crypto treasury adoption wave did not leave Tron behind. One leisure goods company, named SRM Entertainment, adopted TRX in its treasury strategy and changed<\/a> its name to Tron Inc.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nWho Is Taking Profits?<\/h2>\n
Tron Sees Increased Activity<\/h2>\n
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