Tron (TRX) has seen a massive wave of profit-taking from long-term holders despite trading in a narrow price range. According to Glassnode, TRX recently recorded its second-largest single-day profit event of 2024, with investors realizing $1.4 billion in gains on August 5, outpacing both Bitcoin and Ethereum on the same day. This selling spree is a sustained trend, with holders realizing about $1 billion in profits daily.
This profit-taking comes as the Tron network continues to strengthen its fundamentals. Tron has surpassed Ethereum in global Tether (USDT) transactions by more than fivefold, with over $81 billion worth of the stablecoin now on its network.
The heightened utility is also attracting corporate adoption, as evidenced by a leisure goods company, SRM Entertainment, rebranding as Tron Inc. and integrating TRX into its treasury strategy.
Tron’s token burn strategy is also actively reducing its circulating supply, with the network having permanently removed approximately 40 billion TRX to date.
In August alone, about 166 million TRX have been burned, continuing a consistent burn mechanism that the Tron Foundation has maintained since early 2023. This ongoing process is a key part of the network’s strategy to manage supply and support the token’s long-term value.
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