Key Takeaways
- A crypto wallet linked to the Tron founder moved 100 million TRX, worth $27.96 million, from Binance, pointing to a potential upside rally in the coming days.
- Despite millions of TRX withdrawals, the token price remains sideways, printing a gain of 0.15% over the past 24 hours and pushing the price to the $0.2866 level.
- A crypto expert disclosed that Justin Sun’s crypto holdings have reached $1.776 billion with the recent withdrawals.
As the crypto market attempts to rebound, “Tron” founder Justin Sun-linked wallet withdrew a massive 100 million Tron (TRX) tokens worth $27.96 million from Binance on Wednesday, as reported by a crypto transaction tracker, Onchain Lens. The report further highlights that the same wallet withdrew an additional $5 million in USDT from the exchange.
Both transactions are now garnering widespread attention from the crypto community, as they are linked to the Tron Founder. Looking at the current market sentiment, some experts point out the recent transactions as potential accumulation and a step toward an upcoming rally.
In the crypto space, token withdrawals from exchanges are generally viewed as a sign of accumulation, and they often add buying pressure on the asset’s price.
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Tron (TRX) Price and Market Participation
However, the impact of the huge withdrawal is not yet visible in the asset price, as the asset continues to move sideways, posting a 0.15% positive gain.
According to CoinMarketCap data, TRX is currently trading at $0.2566, and traders and investors remain cautious, as reflected in the trading volume, which has plummeted 27.50% to $521.80 million.
How Does Whale Impact the Market?
Justin Sun is not just a Tron or HTX founder, but he is also a whale who holds a massive amount of cryptocurrencies in his portfolio.
Recently, a crypto expert shared a snapshot of Sun’s holdings, which discloses that he owns more than $1.776 billion worth of crypto assets. Additionally, the majority of his holdings are TRX as his portfolio holds 1.804 billion tokens worth $528.15 million, followed by Ethereum (ETH), Bitcoin (BTC), World Liberty Finance (WLFI), and others.
Whales or high-profile individuals like Justin Sun have the potential to influence the market, as they hold a substantial portion of crypto assets, and their moves often indicate the direction of the upcoming trend.
Smart traders and investors often follow the footsteps of whales to make smart money in the crypto space, as these whales have enough information to stay ahead of retail traders.
