Tron (TRX) suffered massive losses after the market fell sharply due to an overreaction to macroeconomic concerns. According to CoinGeckoThe token is down almost 6% since last week, but has since turned a full 180, gaining almost one percent today, August 7. Since then, the ecosystem has continued to surprise the community with its strength

As the market also resumes some form of recovery with percent raise in total market capitalization, TRX may see some growth in the coming days.

Tron remains profitable despite market bleeding

Bankless released detailed blockchain profitability analysis on several Layer 1 and Layer 2 blockchains, including Tron in their long list of blockchains.

Which blockchains are actually profitable? 🤔

Here are the data on L1 and L2 networks generating the highest revenues and profits 💰🫰

Today we will take a look at the 4 largest L1 and L2 blockchains by revenue and see how much of the revenue these blockchains actually retain.

For… photo:twitter.com/TgudtrlDvO

— Bankless (@BanklessHQ) August 1, 2024

According to their report, Tron is the most profitable network with revenue of $271 million in the last year, while Solana is the weakest, with revenue of over $2 billion.

Tron is billed as a “quiet giant,” boasting a staggering $1.4 billion in revenue over the past year. This is due to the platform’s significant investment in stablecoins, which puts its stablecoin activity just behind Ethereum, the world’s second-most well-known blockchain.

Another event that will boost stablecoin activity on the platform is the introduction by cryptocurrency wallet provider TokenPocket, function which uses Tether (USDT) to pay gas fees in TRX, providing convenience to users who want to exploit Tron despite not holding any token.

✅Use $USDT to cover gas bills #THRONE network via TokenPocket!

Check how @Cointelegraph introduces this feature! @trondao #THRONE 👇https://t.co/90Kiwkc40W

— TokenPocket (@TokenPocket_TP) August 3, 2024

How has this affected Tron’s position in the market? Well, the answer lies in the ever-increasing statistics that show a powerful and growing community in the long run. According to the official Tron report websiteThe platform processed transactions worth over $8 billion, and the total value locked (TVL) was as much as $19.6 billion.

Long-term growth is guaranteed at these levels

The token’s current position in the bear market is quite stable, settling at around $0.1229 and $0.1271. TRX bears have already exploited this price range earlier this year, which puts additional pressure on bulls to hold this support range until a future breakout.

TRX is moving alongside Ethereum in the same way that ETH follows Bitcoin in the broader market. This could aid the token’s future performance, as the market tends to follow the top two cryptocurrencies as a gauge of a broader market bullish or bearish.

As Bitcoin bounce slows to a crawl, TRX may struggle to achieve a near-term breakthrough. However, this does not discredit the possibility of a bullish breakout in mid- to late-August, which could be a time when Bitcoin and Ethereum have already recovered from this week’s market overreaction.

However, the current volatile nature of the market could also hamper any further attempts at a short-term move higher. Bulls should therefore continue to hold the $0.1229-$0.1271 price range to secure a powerful breakout in the long term.

Featured image from Publish0x, chart from TradingView