$17.2M in inflows for TRON, but here’s why that’s not all

December 14, 2021 Editor Altcoin 0

Bear or bull? Fear or greed? It’s been a confusing week for the crypto-market as investors across the world struggle to make sense of the signs and rethink their strategies. What’s more, CoinShares’ Digital Asset Fund Flows report for the week ending 10 December noted the same.

However, despite the fall in prices across the board, some altcoins saw surprising levels of inflows.

TRON on the throne?

CoinShares’ data revealed that TRON [TRX] saw inflows of around $17.2 million in the week ending 10 December. For reference, total inflows for the week were approximately $88 million.

CoinShares’ report found,

“The recent price appreciation of Tron, a “world computer” coin, has pushed its total AuM to above that of Cardano.”

TRON’s AUM was $92 million, compared to Cardano’s $68 million.

At press time, TRX was the #21 biggest crypto by market cap and was trading at $0.08494. In 24 hours, the altcoin saw a drop in price of 5.25% and also plunged by 3.99% in seven days.

A torrent of inflows

A curious investor might be wondering if there’s a reason – or several – for the sudden jump in inflows. For that, a look at the TRON ecosystem might help.

First and foremost, this week marked the launch of the BitTorrent Chain (BTTC) mainnet. The BitTorrent Chain is a Layer 2 solution making it possible for TRON to scale and also move assets between TRON, Ethereum, and Binance Smart Chain.

The release for the BTTC mainnet noted,

“The underlying protocol adopts the PoS consensus mechanism, which speeds up transactions, with an average block time between 2 to 3 seconds”

Next up, TRON recently revealed that it was among the top 15 coins by trending search on Binance.

This might not seem like a dazzling milestone, but there’s more. On 10 December, Binance wrapped up the sixth round of an NFT airdrop to TRON [TRX], BitTorrent [BTT], JUST [JST], and WINkLink [WIN] holders.

Note that these are all tokens connected to the TRON ecosystem. In order to participate, users needed to hold 100 TRX, or 2,000 BTT, or 100 JST, or 15,000 WIN.

The airdrop was evidently popular as the Twitter announcement for the same was retweeted more than 1000 times.

 

Don’t forget about me!

TRON wasn’t the only alt to be swept away by impressive inflows. According to CoinShares’ report, another high performer was Solana, which saw inflows of $18.8 million last week. This came despite widespread FUD and disagreements around a network slowdown, after what some believed was a distributed denial-of-service [DDoS] attack.