In a tweet on November 25, Justin Sun announced that TRON [TRX] will soon collaborate with BNB. TRON’s social mentions increased dramatically as a result.
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 25, 2022
According to data provided by LunarCrush, a social analytics website, TRON’s social mentions increased by 68.8% over the past week. However, despite the spike in social mentions, the weighted sentiment around the blockchain remained negative.
Court of public opinion
As can be seen from the image below, over the last week, the weighted sentiment for TRON was mostly negative. This indicated that despite Justin Sun’s efforts, the crypto community still had a negative outlook towards TRX.
This negative sentiment could have been brought on by the recent technical issues faced by TRON in the last few days.
Despite the negative sentiment, TRON‘s stakers continued to show their faith in TRX, as can be seen by the image below. According to data from Staking Rewards, the number of stakers on the TRON network grew by 5.2% over the last month. At the time of writing, the total number of stakers stood at 321,331.
Source: Staking Rewards
State of dApps on TRON
Other dApps, such as JustLend and TransitSwap, faced similar issues as well, as the number of unique active wallets fell for these dApps too. Moreover, TRON’s volatility increased by a huge margin as well.
Additionally, the blockchain’s volatility increased tremendously over the past month. According to data provided by Messari, TRON’s volatility increased by 98% over the last month. This spike in volatility would make buying TRON extremely risky.
Despite the negative factors, TRON’s market cap dominance grew. According to Messari’s data, TRX’s market cap appreciated by 4.00% in the last seven days, despite a declining price. At press time, TRON had captured 0.56% of the overall crypto market.
At the time of writing, TRON was trading at $0.053. Its price had appreciated by 0.82% in the last 24 hours, according to CoinMarketCap.