TRON Ecosystem Surges Past 230 Million Accounts, Burn Rate Increases Amid Google Cloud Integration

TRON Ecosystem Surges Past 230 Million Accounts, Burn Rate Increases Amid Google Cloud Integration

The TRON blockchain has hit a major milestone, exceeding 230 million total accounts as adoption continues to soar. In a tweet, the TRON DAO team expressed gratitude to the TRONICS community for choosing a blockchain that prioritizes accessibility and innovation.

Beyond the account growth, TRON has also ramped up its token burn rate. On May 15th, 12,003,196 TRX tokens were permanently removed from circulation, reflecting TRON's commitment to deflation & value growth. Notably, the network achieved a staggering -6,935,981 net negative production ratio, demonstrating TRON's leadership in reducing total token supply.

TRON's Expanding Ecosystem 

The wave of positive TRON developments doesn't stop there. In a significant move, tech giant Google Cloud has officially joined the list of candidates to become a TRON "Super Representative." These core nodes are vital for block production, transaction verification and maintaining network security. As Super Representatives, they also influence the blockchain's governance decisions and future direction.

This partnership builds on an existing collaboration between TRON and Google Cloud. TRON data is already available on Google's BigQuery data warehouse, providing developers with powerful analytics capabilities to analyze transactions and smart contracts. This accessibility streamlines data-driven decision-making and paves the way for more sophisticated decentralized applications (dApps).

Moving forward, TRON will leverage additional Google Cloud services like Compute Engine for scalable computing resources and Kubernetes Engine for containerized application management. These integrations align with TRON's vision of creating an accessible, decentralized internet.

TRX Technical Analysis

As of May 16th, TRX was trading at $0.1249, down 0.34% over the last 24 hours but up13% over the last 30 days. With a $10.9 billion market cap, TRX ranks 13th among all crypto assets.

TRON Price Chart: CoinMarketCap
TRON Price Chart: CoinMarketCap

24-hour trading volume stood at $297 million, reflecting a 19% gain in the last 24 hours. TRX's circulating supply is 87.46 billion out of a total supply of 87.46 billion tokens.

On the daily chart, TRX has been bullish since finding support at $0.1048 on April 19th, following a 27% correction from the $0.1450 high on February 28th. Since then, TRX has been breaking out of resistance levels and retesting them, showcasing strong bullish momentum.

TRXUSD Daily Chart: TradingView
TRXUSD Daily Chart: TradingView

Most recently, TRX broke out and closed above the $0.1240 horizontal resistance on May 9th, flipping it to a support zone. Currently, TRX is retesting this support before continuing its bullish rally toward the recent $0.1451 high.

On the 4-hour chart, TRX is trading slightly above the support zone. The 4-hour RSI reading of 45 indicates bearish momentum during this retest but also room for a price rally without overbought conditions emerging soon. The next 4-hour resistance level is around $0.1282.

Overall, the TRX price prediction shows resilient growth potential as the correction appears to have found support. TRX investors anticipate further bullish confirmation and price increases from the current support level.

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