Despite the TRON network's user base reaching an all-time high, the token price continues to lag. In Q4 2025, TRON faced mixed reactions to network expansion and market valuation.
According to Tronscan, Tron's cumulative account count reached approximately 355.4 million as of December, a record high. This represents a year-to-date increase of over 26%, with an average of over 240,000 new accounts being added daily. Despite a slowdown in overall virtual asset market user activity, Tron's user metrics have maintained a relatively robust trend.
Trading also increased in the derivatives market. According to DeFirama, Tron-based perpetual futures trading volume reached $1.1 billion per day on December 23rd. In the stablecoin sector, Tron accounts for approximately 26% of the total supply, with the network's stablecoin market cap reaching approximately $80.8 billion.
Meanwhile, the price of TRX fell by about 16% over the same period, marking its worst fourth-quarter performance since 2017. As of the end of December, TRX was trading around $0.27.
The market points to the fact that increased network usage is not sufficiently linked to token demand. Concerns about centralization, such as the controversy surrounding Tron founder Justin Sun's token dominance, are also weighing on investor sentiment.
Ultimately, Tron's real-world usage indicators have grown, but its price has not reflected this growth, widening the gap. It remains to be seen whether this gap will narrow as we approach 2026.
