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Tron (TRX), the ninth-largest cryptocurrency by market capitalization, has seen a 526% surge in large transaction volume, a metric that denotes whale activity.
According to IntoTheBlock data, Tron's large transaction volume reached $1.58 billion, or 4.7 billion TRX in cryptocurrency terms, representing a 526% surge in the last 24 hours.
A spike in large transaction volume often indicates increased whale activity, either buying or selling, and comes amid a recent surge in network activity for the Tron network. According to CryptoQuant, TRON network activity remains at a multi-year high.
TRX, TRON's native currency, continues to see substantial on-chain activity, with 20.5 billion TRX, or $5.4 billion, transferred in June alone, a 61% increase YoY. Sustained TRX transfers indicate increased on-chain economic activity and demand for the major cryptocurrency.
TRX price to follow?
TRX was down 2.09% in the last 24 hours to $0.336 due to profit-taking and the broader crypto market decline as investors anticipated the Fed's interest rate decision.
TRX rallied to $0.35 on July 29, a high last seen in early December 2024 after steadily rising in recent months. The recent increase may have prompted traders to lock up profits while they await the next move.
The cryptocurrency market is largely trading in red in the early Wednesday session, with $277 million in liquidations, according to CoinGlass data.
The Fed will announce its interest rate decision on Wednesday afternoon, and it is widely expected to hold rates unchanged. Traders are pricing in a roughly 98% chance that the central bank will maintain its benchmark rate between 4.25% and 4.5%.
If upward momentum resumes, TRX would aim for a successful breach of $0.35 and then $0.40, followed by a retest of the all-time high of $0.44 set in December 2024. Support is expected at the daily SMA 50 at $0.292 in the event of a drop.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team