TRON (TRX) manages to maintain its trajectory, while the Terra debacle led to losses across the market. TRX token was among the most appreciated altcoins this month. Meanwhile, the biggest whales are accumulating massive amounts of TRX instead of SHIB or DOGE.
Why whales buy TRX instead of SHIB
According to data provided by Whale Alert, whales purchased approximately $293 million worth of TRX in a series of transactions. Approximately 3.56 billion TRX was transferred from Binance to other anonymous wallets. These transactions consist of two major acquisitions totaling more than $76 million. Additionally, the whales purchased approximately $87.7 million worth of TRX in similar transactions on May 30, 2022. The largest transaction from Binance to an anonymous wallet was 960 million TRX.
At the time of writing, within the last 24 hours The slightly bearish TRX is trading at $0.08088. 24-hour trading volume increased 12% to $978 million. In the last 30 days, the TRON price has gained more than 20%. Meanwhile, most cryptocurrencies like Bitcoin and Ethereum rose 10% on average.
Latest Tron news
TPS Capital, Three Arrows Capital’s official over-the-counter (OTC) desk, was confirmed as the eighth member of the TRON DAO Reserve earlier this week. The Reserve has added the Falconx network to its member list. As we covered in the cryptokoin.com news, TRON CEO Justin Sun said that some important news about the stablecoin USDD will be announced this week.
After the TerraUSD crash, the TRON network stablecoin USDD has proven how resilient it is to fluctuations. As billion dollars were wiped from the cryptocurrency market, the entire supply of USDD rose to $601 million. Currently, the 24-hour trading volume is $60 million. As a result of this rise, TRON Blockchain was able to grow its total value (TVL), which was locked in during the market crisis. Since last month, TRON’s TVL value has lost about 50% increase. TVL is currently worth $5.9 billion. Ethereum continues to lead in terms of TVL.
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