Tron owners are bullish as blockchain breaks record, surpasses 4 billion transactions

• The Tron network has passed four billion transactions, fueling a bullish sentiment among TRX holders.
• Weighted social sentiment and development activity on Tron lags behind, despite enthusiasm among buyers.
• The Tron blockchain has added 4.8 million transactions in the last 24 hours.

Amid rumors of Justin Sun-affiliated company’s acquisition of Huobi and the ongoing bear market, the Tron network passed four billion transactions. Tron buyers pushed up the asset’s price despite declining development activity on the blockchain.

Also read: Chainlink Price: LINK and XRP Price Rally Will Outpace Bitcoin, Ethereum in Bear Market

Rumors about the Huobi acquisition abound, Tron sets a new record

Justin Sun, the founder of Tron, is rumored to be the real buyer of the crypto exchange Huobi. Sources close to the matter reveal that Sun bought Huobi with the help of Samuel Bankman-Fried of the FTX exchange.

Amid the rumors, the Tron network hit a new milestone. The total number of blockchain transactions passed the 4 billion mark. In the last 24 hours, the Tron blockchain added 4,812,800 transactions and the total value locked in TRX exceeded $12.5 billion. The total number of accounts online passed 115 million after Tron became the second largest public chain.

Red flags: Weighted social sentiment, lag in development activity

Despite the recent enthusiasm among buyers, the weighted social sentiment among investors has remained relatively bearish. There is no significant increase in development activity on the Tron blockchain. Development activity is considered an indicator of a project’s relevance and future utility. At the same time, social sentiment is an indicator of future price developments or upcoming reversals in an asset.

Looking at on-chain TRX values, it is clear that development activity has fallen to all-time lows, and large wallet investors’ confidence in Tron remains low.

The percentage of the stablecoin’s total supply that whales hold is an indicator of their confidence in the asset. If the supply of whales is low, as is the case with TRON, there is low trust from whales.

Percentage of stablecoin’s total supply held by Tron whales

Still, analysts at BeInCrypto believe that the Tron price could exceed the $0.065 level due to the bullish momentum in the spot market and futures sentiment. An invalidation of the above long-term bearish thesis could push the TRX price above the upper resistance at $0.070.