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Tron (TRX) Pumps Massively, But Something Is Happening in Background

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Mon, 22/05/2023 - 12:22
Tron (TRX) Pumps Massively, But Something Is Happening in Background
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Tron (TRX), the cryptocurrency created by Justin Sun, has experienced a substantial price increase over the last three days, with its futures gaining around 10% in value. This bullish activity represents the first major uptick for TRX in recent weeks, following a period of turbulence fueled by rumors about Justin Sun's possible arrest and the collapse of Tron-based algorithmic stablecoin USDD.

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However, amid this welcome price boost, something unusual is happening in the background. According to blockchain analytics firm MistTrack, in the past two days alone, addresses identified as belonging to OKX, a popular cryptocurrency exchange, have transferred nearly 194 million TRC-20 USDT to the Kraken exchange.

TRX chart
Source: TradingView

To put it into context, similar transfers between these exchanges have totaled approximately 264 million TRC-20 USDT throughout May, meaning these recent two-day transfers represent a massive 73.5% of the total monthly volume. This notable shift of Tron-based USDT between exchanges raises questions about potential market manipulation or an upcoming significant move for TRX.

The TRX market has been on a roller coaster in recent weeks. After rumors of Justin Sun's potential legal trouble started circulating, coupled with the failure of USDD, Tron's native blockchain experienced a tough period. These developments impacted the TRX price negatively, but the recent price pump has provided a welcome relief to TRX holders.

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Yet, the ongoing transfer of large amounts of TRC-20 USDT between exchanges creates an air of uncertainty. Large transfers like these can significantly influence the price and trading volume of a cryptocurrency. While it is normal for funds to move between exchanges, the scale and timing of these transfers, particularly amid TRX's price pump, warrant scrutiny.

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