Tron (TRX) founder Justin Sun has transferred millions of USDT tokens, on-chain tracking platforms report. The data shows that Sun is moving its stablecoins to its wallet in increasingly volatile market conditions. Meanwhile, TRX is setting a record for time spent in deflation.
Is the Tron founder up to something?
PeckShieldAlert found that Justin Sun’s address has withdrawn more than $100 million USDT tokens from Aave Protocol V2 in multiple transactions. Sun made the transfers in 2 batches of $50 million each. PeckShieldAlert also noted that the Tron founder transferred $100,000 TUSD to the same address financed by poloniex.
Meanwhile, whale watching platform Whale Alert reported that Justin Sun moved more than $50 million USDT from a marked wallet to an anonymous wallet. This transaction took place right after the founder of Tron pulled the USDTs from Aave. USDT in Aave Protocol V2 pool TVL dropped to as low as $200 million after Sun’s withdrawal. However, Aave V2 TVL currently stands at $4.07 billion. However, Aave prices have increased by 6.65% in the last 24 hours. At press time, the altcoin was trading at $79.22.
Did Justin Sun take over Huobi?
As you follow on Kriptokoin.com, Justin Sun previously announced that he owns tens of millions of Huobi Tokens (HT). Sun is the official advisor to the Huobi crypto exchange. Therefore, it plans to increase its HT tokens. This has led to an increase in HT prices by over 90% over the past few weeks.
Reports indicate that on October 13, 74 million HT transfers took place from two of Huobi’s official wallets. There are rumors that this savings is part of the acquisition deal between Huobi and Justin Sun.
TRON (TRX) has been in a deflationary state for almost a year
The general bearish trend prevails in the cryptocurrency market. However, most of its assets struggle to stay in the green zone. However, one of them sets a record for time spent in deflation.
TRON (TRX) was in a state of deflation that was close to 50 weeks, or one year, from the period from October 28, 2021 to October 12, 2022, as described by official explorer TRONSCAN. TRON Blockchain shared this in a tweet on October 17.
According to the announcement, the total amount of TRON tokens reached 9.6 billion TRX at the end of this deflation period. According to the data, the number of TRX produced increased to a maximum of 5,273,312 on August 14, 2021. The number of tokens going to the burn wallet reached a maximum of 1,106,056,407 on May 22, 2022.
Amount of TRX produced and amount burned / Source: TRONSCANTRX as a deflationary cryptocurrency
The TRON community commissioned an incineration mechanism in February 2021 that reduced its total circulating supply. Thus, he agreed to make TRX deflationary. He later announced the token as a deflationary cryptocurrency.
This means that unlike inflationary cryptocurrencies and traditional fiat money, whose value is devalued by banks and networks issuing new cryptocurrencies, the number of cryptocurrencies in circulation decreases from time to time, making cryptocurrencies more valuable.
In April 2021, TRX completed its first deflation in history from March 30, 2021 to April 5, 2021. In addition, TRON announced that it has become the world’s first cryptocurrency to switch from inflation to deflation. Thus, he noted that it consolidated its value.
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