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An unexpected transaction made by Justin Sun's Tron DAO appeared on the network. The massive transaction was made a few hours ago: 180 million was moved from a Tron DAO wallet to Binance. Considering the current timing, we might see an effect on the market in the foreseeable future.
Justin Sun or Tron DAO have not shared any information regarding the most recent transaction, but users have already speculated on the potential of upcoming buying activity on the market.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 180,000,000 #USDC (180,055,200 USD) transferred from #TronDAO to #Binancehttps://t.co/acBMHzZXDN
— Whale Alert (@whale_alert) January 22, 2023
According to on-chain data, whales have been actively buying Bitcoin and other assets during this short-term market rally. The most recent transaction to Binance from Tron DAO could be part of enormous buying power that we witnessed on the digital asset market in January.
Throughout the month, Justin Sun personally and wallets affiliated with Tron DAO or Tron have been making large transfers to different exchanges, including Binance. However, most of those transactions were tied to internal fund redistribution rather than actual buying or selling operations.
Unfortunately, there are no distinctive ways to determine where those funds are actually going. However, even such a large sum will most likely have no effect on the market, considering the existing liquidity on Binance and the depth of the market.
Tron itself has not reacted to the large transaction to the exchange, the price performance of the asset is staying on the same level for the last few days. According to previous performance, Tron has been mostly following the overall trend on the market, replicating the movement of Bitcoin, Ethereum and other digital assets that have been rallying upward for the last few weeks.
Yuri Molchan
Godfrey Benjamin
