The cryptocurrency market had a relatively quiet weekend after Friday’s sharp drop. However, whales in the crypto ocean were not willing to miss their opportunity. One of these whales, Tron founder Justin Sun, moved a large amount of TrueFi (TRU) tokens to the crypto exchange Binance. This triggered a dump for that token.
Tron inventor dumped TRU!
Justin Sun, the founder of crypto exchange Huobi and altcoin project Tron, is closely followed with his movements and transactions in the crypto market. Because Sun is also a crypto whale that has signed a large amount of transactions in the market. The inventor of Tron transferred 28.8 million TRU tokens, equivalent to $3.87 million, to crypto exchange Binance today. A token transfer to an exchange is generally interpreted as a sell signal. If this sell signal comes from a whale, it is naturally possible that it will drastically lower the price of the respective token. As a matter of fact, the price of TRU, the related token from Sun’s token transfer, has dropped from $0.1432 to $0.1061 today.
TRU daily price chart / Source: CoinMarketCapAt press time, the TRU price was trading at $0.1123, down 2.9% on a daily basis, albeit partially recovering. However, from a weekly time perspective, it is clear that the Tron inventor has benefited from this price increase, given that the TRU price was $0.064 a week ago. In addition, as you can follow from Kriptokoin.com, Justin Sun has a special interest in the TRU token. Looking at the trading statistics of the inventor of Tron, it is seen that he often managed to sell TRU at a high price.
TRU weekly price chart / Source: CoinMarketCapWhat is TrueFi (TRU) and what does it do?
TrueFi is a protocol for creating interest-bearing pools with high APR for liquidity providers. The project includes benefits and reward mechanisms using TrustTokens (TRU) and rewards participants for maintaining stable, high APRs. TRU is the native token of the TrueFi protocol and has various uses. Token holders ultimately have a say in who is a reliable borrower in the prediction market. TRU gives its owner credit rating facility for third parties. It is possible to establish an unauthorized credit system that operates entirely on incentives with tokens, credit ratings.
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