Tron and Ronin Top Daily User Charts: Could Price Gains Be Next?
Tron and Ronin Dominate Daily Users | Credit: Derek Fenech
Key Takeaways
- Tron (TRX) and Ronin (RON) lead daily active user numbers.
- TRX’s price has outperformed Ronin in 2024.
- What’s behind this growth, and can the performance continue?
Tron and Ronin topped the charts for daily active users on Aug. 12, with Tron also leading in weekly and monthly activity.
While Ronin is rapidly catching up, TRX has already seen a price boost from this surge in activity, unlike RON. Let’s dive into what’s driving these numbers and whether it could spark further price gains.
Tron and Ronin Lead Daily Active Users
On Aug. 12, Token Terminal data revealed that Tron and Ronin led all blockchains in daily active users, with Tron at 1.9 million and Ronin at 1.7 million—both nearly doubling Solana, which trailed in third place with just over 906,000 users.
Tron has consistently held the top spots for weekly and monthly users, often swapping places with Solana. Meanwhile, Ronin ranks 10th in monthly users and 6th in weekly activity.
Tron’s dominance is largely driven by stablecoins, thanks to minimal fees and quick transaction times. With a stablecoin market cap of over $59 billion, Tron holds nearly 36% stablecoin dominance and over 50% USDT dominance.
Ronin’s rise in monthly activity and top user numbers can be traced back to its strong gaming ecosystem.
The blockchain’s most popular games—Pixels, Lumiterra, Apeiron, Wild Forest, and Axie Infinity—have played a pivotal role in driving this growth. A surge in unique active wallets for Apeiron , which jumped over 35% in the last 24 hours, likely contributed to the increase in daily users.
Axie Infinity appears to have also contributed to the increase. The game saw a significant spike in users after the end of competitive season 4, as players rushed to secure their rankings.
Overall, Ronin has enjoyed a remarkable start to 2024 , with a nearly sevenfold increase in average daily active users and a tenfold boost in Mavis Market volume, underscoring its growing influence in the blockchain gaming space.
Can Ronin Break Out From Its Channel?
The RON price has been trending within a descending parallel channel since March. Initially, the decline was gradual but accelerated sharply in June following a false breakout above the channel’s resistance (black circle).
Since then, RON has twice touched the channel’s support trend line, each time forming long lower wicks (white icons), indicating strong buying pressure that prevented further decline.
These lows also coincided with a bullish divergence in the MACD, enhancing the likelihood of a reversal. This was further supported by a bullish engulfing candlestick on Aug. 8, followed by an ongoing breakout attempt.
If RON successfully surpasses the $1.65 resistance area and breaks above the channel’s midline, it could trigger a breakout from the channel, potentially driving the price toward the $3 level.
TRX’s Consolidation Could Come to an End
Tron’s price has been in a gradual decline since reaching its yearly high in March, forming a symmetrical triangle—a pattern that often precedes a breakout, especially when following an upward trend, as is the case with TRX.
The current wave count suggests that TRX is nearing the end of its A-B-C-D-E corrective structure within the triangle, indicating that another potential rejection at the trend line could occur before the correction completes.
Both the RSI and MACD indicators are hovering around neutral levels (50 for RSI and 0 for MACD), suggesting ongoing consolidation.
If TRX breaks out, it will likely increase to $0.168 and reach a new yearly high. The 1.61 external Fibonacci retracement of the triangle creates this target.
