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Tron (TRX) has experienced a massive 929% surge in whale activity, even as the broader altcoin market faces a significant sell-off. This spike in large transactions, defined as those exceeding $100,000, highlights significant TRX whale activity despite the current market downturn.
The price of Bitcoin soared past the long-awaited $100,000 benchmark for the first time Wednesday night. However, this milestone was met with significant selling on the altcoin market. This caused over $674 million in total liquidations, according to CoinGlass data. Bullish bets tied to longs or bets on higher prices recorded over $372 million in losses.
Tron likewise saw profit-taking after an impressive 80% to fresh all-time highs in Tuesday's trading session. At the time of writing, TRX was down 13.4% in the last 24 hours to $0.336. Meanwhile, Tron has a surge in large transaction volume in this time frame; this came into 26.48 billion TRX or $10.2 billion in monetary terms, representing a 929% surge.
This surge in whale activity is particularly noteworthy given the overall bearish sentiment on the altcoin market, where many cryptocurrencies have seen substantial declines.
Tomiwabold OlajideSpikes in large transaction volume indicate increased activity among whales, either buying or selling. The surge in large transaction volume for TRX might be in either two ways: whales might be taking profits after TRX's impressive price surge, or these large holders might be accumulating TRX, potentially in anticipation of a future price rebound.
TRX gains 108%
TRX was up 68% in the last seven days and 108% in the last thirty days, as of this writing. TRON's TRX coin surpassed a seven-year high on Tuesday, reaching just above $0.43. This surge increased Tron's market capitalization above $35.1 billion.
Although TRX's market value has dropped to $29.3 billion, it remains in the top 10, ranking as the 10th largest cryptocurrency by market capitalization.
Speculation around Tron’s probable inclusion in Grayscale's investment assets also boosted the optimism around TRON. In October, Grayscale indicated TRX as one of 35 tokens under consideration, with quarterly updates on prospective inclusions.
Alex Dovbnya
Dan Burgin
Vladislav Sopov