Market Update

Tron (TRX) at Six-Year Highs

TRX has surged to $0.24—its highest price since the start of 2018—and is now ranked #11 by market cap, as per CoinGecko.

TRX’s latest rally was likely sparked by a favourable court decision in the U.S.

Stablecoin Supply Soaring

The combined market cap of all stablecoins continues to climb and is now at $258B ($174B USD), not far off reclaiming its all-time high of $267B ($180B USD) from May 2022.

Such a trend indicates that more capital is coming ‘onchain’ and being used across the crypto ecosystem for reasons including payments, lending and saving.

Ethereum Becoming Cheaper To Use

Gas fees on Ethereum mainnet recently hit five-year lows, driven by increased activity on L2 networks (e.g. Optimism, Arbitrum) and the Dencun upgrade in March, which lowered L2 transaction fees.

Monthly Active Addresses at Record Highs

54.4M addresses performed at least one transaction on a blockchain in June, the highest monthly total to date, according to onchain data from Nansen.