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Key Insights:
- TRON Inc expands its TRX treasury holdings by $110M, now exceeding $220M.
- TRON leads all other chains in the number of transactions since the start of the year.
- TRX is steady at $0.337 after rebounding from a strong demand zone, following a clear break of structure to the upside.
Nasdaq crypto treasuries appear to be the new trend on the blockchain, with more companies rushing to acquire tokens while others load more. TRON Inc. (TRON) expanded its treasury to $220 million as of September 5th after the largest shareholder added to their investment.
Bitcoin (BTC) was the first of its kind in this new trend, but the tide seemed to have spread. Other major assets like Ethereum (ETH), Solana (SOL), and TRON (TRX) were some of the cryptos having their way on Wall Street.
The TRON blockchain has had a very fruitful year thanks to the efforts made by the founder, Justin Sun. He has been at the forefront in ensuring TRON achieves major collaborations with industry leaders.
TRON Inc. Expands TRX Treasury Holdings
Bravemorning Limited, the biggest shareholder of TRON Inc., brought more funding of 312.5 million TRON, valued at $110 million. This took the total holdings to $220 million. It raised the company’s TRON Inc share to more than 86% per Crypto Miners.
The gesture was an indication that institutions were gradually embracing TRON despite the crypto struggling since the 2021 altcoin rally. The shares of the company traded at $3.91, down about 9% since the previous day’s close.
TRON Inc. share prices have been in a downtrend since their highs above $10. The share surged immediately after the Nasdaq listing in July, which came after their merger with SRM Entertainment. Now, the focus shifts to TRON’s growing on-chain activity and price.
Number of Transactions, USDT Minting, and Partnerships
TRON outpaced all other blockchains in the number of transactions since the start of the year. The blockchain led with 9.4395 million transactions, more than double that of second-placed Polygon (POL) at 4.365 million. This indicated POL reigned as the King of Layer 2s.
Arbitrum (ARB), Toncoin (TON), Ethereum (ETH), XRP Ledger, and Bitcoin followed Tron and Polygon, respectively. Per CryptoQuant data, this surge was driven by dominance in stablecoin minting and transfers on the blockchain.
For context, USDT minting by Tether Treasury was growing each day. Recently, Whale Alert noted that another 2 billion USDT was minted on the network. Binance also exchanged a similar amount on Tron for USDT on ETH, hinting that liquidity was entering the system.
The blockchain expanded its interoperability by means of partnering with Near Protocol’s Intents. This collaboration allowed USDT swaps from TRON to NEAR without a wallet setup, bridges, or chain switching. The activity was powered by SwapKit Developers and was live on Trust Wallet and THORSwap.
From the data, TRX was scaling beyond the expectations of many participants, with more than 25 new cross-chain links as seen in the deBridge tool.
TRON Price Reaction
On the charts, the sentiment was the same. The price action had a Break of Structure (BOS) at $0.34, as seen in the Trading View chart. TRX was in a correction phase after this structure shift, with the price just above $0.337 when writing.
For the price to trade back above $0.342 and beyond, bulls needed to defend the current support level. Failure to do so could see TRX revisit equal lows below $0.336. In the meantime, bears were showing strength as seen in the sharp fall in price.
Owing to the mentioned developments, TRX looked to be a great bet for traders in the long term as they eyed the $0.50 price level. Such a unit price would result in the market cap of the altcoin exceeding $50 billion, $19B more than its current valuation.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
