Tron Network Turbocharging USDT Payments, Can TRX Price Rebound?

The relationship between Tron coin and the USDT stablecoin (Tether) has continued to strengthen. Notably, Tron Networks remains the leading blockchain platform for USDT payments.

Users are not just holding USDT, but also actively moving the stablecoin on Tron. This reinforces the blockchain’s leading position for payments.

USDT Transaction on Tron Shifting from CEXs

According to CryptoQuant, over 70% of USDT transfers on TRON are wallet-to-wallet. This indicates direct Peer-to-Peer (P2P) transactions, which may not necessarily involve exchanges or Decentralized Finance (DeFi) protocols.

CryptoQuant has highlighted that daily P2P USDT transactions on TRON have increased threefold since 2023.

The Centralized Exchange (CEX) supply share dropped about 13% after its 46% rally in early 2023. This trend suggests that most Tron transactions on USDT have moved from exchange platforms.

Despite this shift, the USDT transaction volume on centralized exchanges remained high. The total USDT supply on CEXs is roughly $11 Billion.

As of this writing, centralized exchanges account for approximately 40% of the total USDT value flows on Tron.

Additionally, daily USDT-Tron transfers on CEXs stood at approximately $10 Billion. On the contrary, USDT transactions outside exchanges have surged to $15 Billion per day.

This represents a significant increase from the roughly $5 Billion recorded daily at the beginning of 2023.

As of today, over $70 Billion has been recorded in USDT transactions outside exchanges. This value increased significantly from approximately $26 Billion at the start of 2023.

The growing off-exchange transfers reflect the increasing adoption of USDT in real-world applications, such as payments, remittances, and lending/borrowing.

Surge in TRX Whale Transactions

While USDT transfers on Tron coin move massively from exchanges, large players have also increased their activity.

According to IntoTheBlock data, whale activity on TRX pushed transaction volume to hit 1.36 billion TRX. The value of this transaction is approximately $13.5 Million, according to the current market price.

This massive transaction volume suggests that the high activity of TRX whales features either buying or selling of the asset. These large players are probably preparing for significant price shifts in the days ahead.

TRX price has increased slightly by 0.95% over the past day. The whale activity has influenced the outlook, as the price is still down 2.31% on the weekly charts.

Nevertheless, the daily trading volume increased by 35% to $1.9 Billion. Notably, the increased activity from TRX whales, if sustained may convince retail investors to continue supporting Tron, potentially leading to higher prices.

Is TRON Coin Rebound Imminent?

Market participants anticipate a shift soon, as indicators of a potential rally are present in the Tron ecosystem.

For instance, technical charts indicate that TRX price can push above $0.33 if it breaks the $0.312 resistance. However, this move is dependent on significant support from increased volume.

Additionally, the Relative Strength Index (RSI) is pegged at 55. This suggests that the asset still has room to increase in price before slipping into overbought conditions.

Moreover, the Tron ecosystem is well-suited for high-volume transactions, thanks to recent developments. It is worth mentioning that Tron recently integrated the MoonPay wallet into its platform.

The integration eliminates the need for external platforms when managing TRX or USDT. As a result, users can perform faster and cheaper blockchain interactions.

Furthermore, Tron is reportedly going public in the U.S. via a reverse merger with Nasdaq-listed SRM Entertainment.

The TRX token quickly rose 3% following the announcement. Thus, if this eventually materializes, TRX could climb higher or even hit new highs.

Finally, recent onchain data showed over 94% of Tron coin holders are currently in profit, reflecting strong market momentum and investor confidence.

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