- TRON saw a 64% spike in daily active addresses, with transactions hitting 11 million.
- DeFi metrics are lagging, with DEX volume down sharply and TVL flatlining.
- Spot buyers seem to be driving the rally, but sustainability is still uncertain.
TRON (TRX) has been heating up lately, jumping 2.53% in the past 24 hours. Not bad, right? That came with a decent bump in trading volume too—up 14% to $507 million. It’s looking like the bulls might be waking up, but as always in crypto, things aren’t always what they seem on the surface.
Users Are Back—And In a Big Way
Something big is happening on the TRON network. Daily active addresses shot up from 2.8 million to a crazy 4.6 million. That’s a 64% jump—basically 1.8 million more people using the network almost overnight. And alongside that, transactions spiked to 11 million. That kinda surge usually screams bullish—people aren’t just logging in, they’re actually doing stuff with their TRX.
So yeah, from a user activity angle, this is looking solid. More people using the network, more tokens moving around—it points to growing demand and accumulation. But here’s where things get a bit weird…
DeFi Activity Isn’t Matching the Hype
Despite all that excitement, decentralized finance metrics are painting a different picture. TVL (total value locked) has just… stalled. It’s stuck around $4.89 billion with no real signs of bouncing back.
Even worse? DEX volume is falling off a cliff. It was over $213 million on June 5—now it’s barely holding $80 million. That’s a huge drop. Fewer people are swapping tokens, and some early DeFi users might’ve already exited the scene. It’s like the party’s going on, but nobody’s dancing in that corner.
So Who’s Actually Buying?
Good question—and the answer seems to be: spot traders. Yeah, the ones actually buying TRX on exchanges instead of leveraging up or trading derivatives. CoinGlass data shows over $1.27 million worth of TRX has been scooped up in the past day alone. That’s a lot of dry powder fueling this move.
If that spot demand sticks around, TRX could keep climbing. But with DEXs going quiet and TVL stuck in neutral, it’s worth keeping an eye on whether this rally has real legs—or if it’s just a temporary sugar high.
