TRON Sees Massive Increase in DEX Trading Volume as Bitcoin, Etheruem, XRP Post Slight Gains

• Bitcoin, Ethereum, and XRP prices rose slightly, with BTC steady above $59,500, ETH at $2,500, and XRP near $0.57.
• Decentralized exchange transaction volume on TRON has reached $1.61 billion in the past seven days, a weekly increase of over 70%.
• The Cardano ecosystem is gearing up for the Chang Hard Fork, scheduled for September 1st.

Bitcoin, Ethereum, XRP Updates

• Bitcoin is hovering around $59,500 on Friday. The cryptocurrency is down 7.41% this week, down from Monday’s opening of $64,219.
• Ethereum is trading at $2,521 at the time of writing, erasing 0.25% of its value on Friday. Vitalik Buterin, co-founder of Ethereum and the Ethereum Foundation, has been criticized by ETH holders for their spending and Buterin’s transfers to multisig wallets. On-chain intelligence platform Lookonchain tracked transfers and shared details on X.
• Vitalik Buterin’s Ether transfers raise concerns after Ethereum Foundation criticizes him for spending $88 million
• XRP remained steady near support at $0.57 on Friday. XRP traders are keeping their eyes peeled for the next move by the Securities and Exchange Commission (SEC). Pro-crypto lawyers weigh likelihood of SEC appeal in Ripple lawsuit.

Chart of the day

CHZ/USDT daily chart

Chiliz (CHZ) was down to $0.0544 on Friday at the time of writing. The MACD (Moving Average Convergence Divergence) indicator shows green histogram bars above the neutral line. However, traders should watch carefully for the signal line to cross over the MACD line as this would signal a reversal of the underlying momentum.

CHZ could correct 7.80% and reach support at $0.0503. If there is a daily candle close above the fair value gap (FVG) between $0.0559 and $0.0568, it could invalidate the bearish thesis.

CHZ could then rise towards resistance at $0.0638.

Market updates

• The TRON network has seen a weekly increase of 73.45% in transaction volume on decentralized exchanges. Over the past seven days, the volume of transactions has risen to $1.61 billion.

Industry updates

• Elon Musk and Tesla have won their lawsuit alleging their involvement in Dogecoin (DOGE) price manipulation.
• Bitcoin Spot ETFs saw a net outflow of $71.73 million on August 29.
• Bloomberg data shows that Australia has seen a net increase in crypto ATMs, from 73 to 1,200 in two years.