Fueling a bullish sentiment among TRX holders

 There are rumors of Justin Sun's firm's acquisition Huobi and the current downtrend, Tron networks have surpassed the four billionth transaction. Tron buyers have pushed the price up, despite a slowing development pace in the field of blockchain.

Justin Sun, the founder of Tron is believed to be the true buyer of the cryptocurrency exchange Huobi. People familiar with the situation confirm that Sun bought Huobi through Samuel Bankman-Fried from the FTX exchange.

Fueling a bullish sentiment among TRX holders

In the midst of the speculation, Tron network hit a new record. The total amount of blockchain transactions crossed the 4 billion threshold. Over the last 24 hours in the Tron blockchain recorded 4812,800 transactions, and the total value of TRX has surpassed $12.5 billion. The amount of accounts that are on the network surpassed 120 million when Tron became the second largest public chain.

Warning signs: Overweighted social sentiment, developmental activity slowdown

Despite the recent excitement in the market however, the public sentiment among investors has remained largely negative. There has been no significant growth in development activity on Tron blockchain. Development activity is regarded as an indicator of the project's importance and potential utility. However social sentiment can be an indicator of the future price trends or the possibility of upcoming changes in the value of the value of an asset.

When looking at TRX on-chain data It is clear that the rate of development has slowed to a record low and investors with large wallets aren't convinced that Tron is very low.

The percentage of stablecoin's total supply that whales have is a sign of their trust in the investment. If the quantity that whales hold is small like it is with TRON it is a sign of no confidence from whales.

However analysts at BeInCrypto believe that Tron price could surpass the $0.065 price due to the bullish nature of the futures market and spot market sentiment. The denial of this long-term bearish view could cause TRX to rise higher than the upper resistance level of $0.070.

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