The native token of the Tron blockchain, TRX, has recently recorded substantial gains in its price performance. Amid trading at $0.09778, its four-week gain sits significantly over 13.53% positive growth. In parallel, CoinMarketCap data shows TRX’s 24-hour volume is up over 26%.
Meanwhile, this notable uptick in TRX’s performance coincides with a significant development from major crypto market movers. Early today, the well-known tracker of influential crypto investors, Whale Alert, captured an extraordinary amount of TRX tokens moving out of the largest crypto trading platform, Binance.
In particular, Whale Alert documented that 1,999,000,000 TRX tokens left Binance for an untagged destination. At the time of the transaction, nearly two billion TRX tokens were valued at $194,212,058 approximately.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,999,000,000 #TRX (194,212,058 USD) transferred from #Binance to unknown wallethttps://t.co/vEuLQCvhFb
— Whale Alert (@whale_alert) November 6, 2023
The sheer weight of this transaction has raised eyebrows among crypto market participants, with some seeing it as a potential dump on the token. Moreover, the unknown destination of the tokens added further intrigue to the situation. The last time such an unusually large amount of TRX was transferred from Binance to an unknown wallet was last year.
Nonetheless, it materializes that the destination of the nearly two billion TRX tokens is not entirely mysterious. In a recent statement, Binance disclosed that it intends to perform maintenance operations on its wallets dedicated to the Tron network. As a result, the exchange noted the community may observe large sums of TRX moving about its wallet. Also, the exchange assured that while the operation is on, users’ funds remain safe.
Notably, the TRX token ranks alongside the top ten most prominent crypto projects, with a valuation exceeding $8.6 billion. The digital asset now has a prospect of reclaiming $0.1, with its price around $0.09778.
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