TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
Source Fxstreet
- TRON has seen over $50 billion in supply of stablecoins in Q1 of 2024.
- TRON noted positive growth across market capitalization, revenue, total value locked, and average DEX volume.
- The TRX token surged 10% since the beginning of 2024.
TRON (TRX), a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked (TVL).
TRON sees $50 million in stablecoin flow in Q1 2024
A report from crypto intelligence tracker Messari shows that TRON noted positive growth across several key metrics in its blockchain in Q1 of 2024. The report shows that USD Tether (USDT) on Tron reached over $50 billion in Q1. This is important for market participants because stablecoin flow typically represents fiat onramps. A rising flow of stablecoin is indicative of rising demand for assets and an increase in capital inflow (fiat to crypto, through stablecoin).
TRON stablecoin market capitalization
Other key metrics are:
- Market capitalization (up 15%)
- Revenue of TRON in USD (up 7%)
- DeFi Total Value Locked (up 25%)
- Average daily DEX volume (up 142%)
Impact on TRON price
Among other metrics, circulating supply of TRON is the one that may have a direct impact on the token’s price. The circulating supply is influenced by token burn and TRX rewards. The protocol burns all transaction fees collected from users, reducing the circulating supply of TRON.
Data from Messari’s report shows that TRON’s circulating supply reduced from 88.2 billion to 87.7 billion in Q1 2024. TRON’s annualized inflation rate is negative 2.6%. This is likely one of the drivers of gains in the token’s price.
TRON price is up 10% since the beginning of 2024. The token is changing hands at $0.1184 on Binance, at the time of writing.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
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