Despite ongoing consolidation across the broader crypto market, Tron (TRX) has managed to maintain a steady upward trajectory. The token has recorded a 2.6% increase over the past two weeks and is currently trading at $0.2495, reflecting a 0.7% uptick in the last 24 hours. This relative strength comes at a time when several major altcoins are experiencing muted price action. Tron’s stability amid broader volatility has drawn the attention of market participants analyzing on-chain dynamics for insight into potential future moves. Tron On-Chain Trends Suggest Network Consolidation According to a recent analysis by CryptoQuant contributor BorisVest, the Tron network is currently signaling an accumulation phase. In a report titled “Tron Network Signals Accumulation Phase Amid Decreased Activity,” the analyst outlines a number of on-chain indicators that support this conclusion. Most notably, the number of new wallets and transaction fees on the network has declined, pointing to a cooldown in network activity. However, rather than indicating weakness, BorisVest interprets this as a pause in active participation as the network consolidates. BorisVest notes that the Tron network experienced a spike in complex transactions and gas usage during its recent highs. However, both average and maximum gas usage have since fallen, suggesting a slowdown in usage intensity. Additionally, despite occasional price surges, the number of new wallet addresses has remained either flat or in decline. This trend implies limited retail or organic growth during the current market phase. Historically, such patterns of stagnation in user growth and fee activity have often preceded stronger market moves, according to the analyst. The decline in wallet creation and overall gas usage may signal a broader accumulation pattern across the Tron ecosystem. Fewer participants transacting on-chain and a lack of significant new user onboarding typically coincide with phases where existing holders increase their positions quietly. If historical cycles are any indication, this period of reduced activity could eventually give way to renewed momentum once investor confidence returns. USDT Activity Paints a Different Picture In contrast to the slowing activity suggested by wallet creation and gas fees, stablecoin usage on the Tron blockchain continues to show notable growth. CryptoQuant analyst Darkfost highlighted that the amount of Tether (USDT) circulating on Tron has reached a new all-time high, now surpassing $71 billion. This figure places Tron just behind Ethereum, which currently hosts around $75 billion in USDT. The increasing stablecoin supply indicates strong demand for value transfer and settlement use cases on the network. Darkfost also emphasized that Tron’s low transaction costs make it an attractive platform for stablecoin users. As more liquidity flows into the Tron ecosystem via USDT, the network’s role in decentralized finance (DeFi) continues to expand. Featured image created with DALL-E, Chart from TradingView

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