🌎 Tron Outperforms Bitcoin and Ethereum Amid Crypto Market Downturn

Justin Sun’s Tron token is experiencing a tight trading range amidst the ongoing crypto sell-off, with Bitcoin dipping below $60,000.

Tron’s Performance in the Crypto Market

Tron (TRX) is currently trading at $0.1542, slightly below its highest level this week. As of now, it ranks as the ninth-biggest cryptocurrency, boasting a market cap of $13.3 billion.

TRX has shown resilience, outperforming other top ten cryptocurrencies over the past seven days with a 0.97% increase. In contrast, Bitcoin has decreased by 6.2%, Ethereum by 10.6%, and Solana by 10.5% during the same period.

Challenges in Tron’s Ecosystem

Despite TRX’s relative success, the broader Tron ecosystem is facing challenges. Many meme coins within the recently launched SunPump ecosystem have suffered significant losses. For instance, Sundog, the largest token in this ecosystem, has plummeted by nearly 30% in the past week.

Other tokens like Tron Bull Coin, Muncat, Suncat, and Vikita have also declined by over 30% in the same timeframe. However, not all is bleak; Tron Bull and Tron Beer have seen gains of over 16% and 40%, respectively.

DeFi and DEX Performance

The total value locked (TVL) in Tron’s DeFi ecosystem has dropped by 6.8% over the last 30 days, settling at $7.6 billion. Despite this decline, Tron remains the second-largest network after Ethereum.

Tron’s decentralized exchange (DEX) volume has also decreased, now standing at $425 million, placing it as the ninth-largest player in the industry. It has been surpassed by newer chains like Sui and Base, which managed $700 million and $4.5 billion, respectively, over the past week.

Positive Developments for Tron

Despite these challenges, Tron continues to show strength in certain areas. It has emerged as the market leader in the stablecoin payment sector. Data from TronScan indicates that Tether transactions on Tron increased by 9.75% on October 2, reaching $70 billion.

Moreover, Tron remains one of the most profitable chains in the crypto industry, generating over $1.37 billion in fees this year. Its third-quarter revenue reached $577 million, surpassing both Bitcoin and Ethereum.

Tron Price Analysis

Tron hit a record high of $0.1690 on August 26 but has since dropped by 8.83%. The price has stayed above the 50-day and 25-day Exponential Moving Averages, indicating that bulls still have some control.

However, technical indicators suggest a potential bearish flag chart pattern, which is often considered a risky signal. If this pattern holds, Tron could slip to the key support level at $0.1450, the highest swing in February this year.