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The TronDAO has initiated a series of unusual Tron (TRX) transfers in the past few hours, igniting conversations of a possible sell-off. According to data insights from Whale Alert, in at least 10 transactions to unknown wallets, the TronDAO entity moved a total of 8,777,561,962 TRX.
Unusual Tron transfers
One of the biggest single transfers featured 990,000,000 TRX, valued at $267,619,549. This transfer came with a fee of 19.36 TRX, a sign of how cheap it is to conduct transactions on the Tron blockchain.
Despite the effect these transfers have had on the broader community, TronDAO has not provided explanations for the intended purposes. These transfers could be a portfolio rebalancing or a liquidity structuring move.
It is not uncommon for Tron whales to make related transfers in the ecosystem. In fact, data from IntoTheBlock shows that over the past 24 hours, large TRX transactions have skyrocketed by over 45% with a dollar valuation of over $215 million.
This TRX whale move has aligned the Tron competitiveness alongside other blockchain networks, where such related transactions are prevalent. However, until the aim of the over 8.7 billion TRX transactions is clarified, it may translate to a bigger drawdown for the top altcoin.
Tron price in mix
The billions in TRX transfers come when the crypto market is experiencing a bearish consolidation trend. At press time, Tron's price was trading flat at $0.2685. This comes after an intense sell-off, during which its price dropped as low as $0.2676.
A number of factors are impacting Tron's growth cycle at the moment, including the prospect of a TRX ETF. However, imbalance in whale engagements and unexplained TronDAO actions may continue to weigh on mid- to long-term sentiment.
However, the minor 2.2% surge in daily trading volume may contribute to prices rebounding in the near term.
Vladislav Sopov
U.Today Editorial Team