An Unknown Whale Acquired $14.92M Worth TRX From Binance

An Unknown Whale Acquired $14.92M Worth TRX From Binance
  • At the time of writing, TRON (TRX) holds a market cap value of $1.014 billion USD.
  • Whale transaction was detected around 08:22:09 UTC on May 20.

The sky-high volatility of the crypto market is highly swayed by the dominant bears. Major cryptos exhibited whooping losses during the month of May, leading to trillion-dollar losses in the market. Surprisingly, TRON was one of the fewer cryptocurrencies that traded in the green zone. The price of the coin spiked nearly 20% from $0.06199 USD to $0.07467 USD, at the time of writing.

TRON (TRX) was launched in 2017 initially as an ERC-20 token on Ethereum. Later on, in 2018, it migrated onto its own blockchain. On being inspired by TerraUSD (UST), the algorithmic stablecoin of Terra, TRON launched its own stablecoin, USDD, on 5 May. One benefit TRON offers its users is the allocation of 30% APY on USDD deposits.

During the great downfall of its role model, TerraUSD (UST), USDD also stumbled slightly. To withstand the bearishness, Tron DAO reserve, on Wednesday, acquired $82.3 million USD worth BTC, $181.6 million USD worth TRX, and $295 million USD worth USDT to stabilize the peg of the algo-stablecoin. According to Defilama, a DeFi TVL aggregator, TRON held $4.38 billion in TVL and ranks fourth.

Whale Alert

Whale Alert is a reputed AI-based blockchain tracking system that maintains continual  records on whale transactions across wallets and exchanges. It detected a whale purchasing 199,999,998 TRX from Binance, one of the largest crypto exchanges.

At the time of writing, according to data from CMC, TRON (TRX) traded at $0.0744 USD with a 24-hour trading volume of $1,006,087,630 USD.

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