Cryptocurrency While the market continues to be traded below the $1 trillion level recently, it remains unclear which direction the trend will take. Despite this uncertainty TRON (TRX) and some other altcoins have managed to record a spike in price and are looking pretty strong on different metrics as well. The claim that Justin Sun bought Huobi brought TRON’s network volume in altcoin to 4 billion.
According to TRONSCAN data, the total number of transactions on the blockchain has accelerated and exceeded 4 billion transactions. 4,812,800 transactions have been added in the last 24 hours alone.
Koinfinans.com As we reported, TRON’s total locked value (TVL) has exceeded $12.5 billion and the number of accounts created on the network has increased to 115 million, just over two months after TRON became the second largest public chain by stablecoin market cap. We must also underline that
Founder of the TRON blockchain Justin SunClaims that he was the real buyer of crypto exchange Huobi, possibly with the help of Sam Bankman-Fried’s FTX, had a huge backlash.
Huobi announced on October 8 that its controlling shareholder company has transferred all shares of HuobiGlobal, which is held by the About Capital Management fund, but multiple sources have indicated to WuBlockchain that the main investor in this fund is actually Justin Sun.
Although Sun denied these allegations of involvement, he announced on his official Twitter media account that he had been appointed as a member of Huobi’s Global Advisory Board, as confirmed by the crypto exchange itself.
I am very honored to be appointed as a member of the Global Advisory Board of @HuobiGlobal and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead. https://t.co/txZspJaV4Q
— HE Justin Sun🌞🇬🇩 (@justinsuntron) October 9, 2022
According to WuBlockchain, FTX and Justin Sun made the first contact with Li Lin, the founder of Huobi, who are looking to sell their majority stake in the exchange at a valuation of $3 billion. Rumor has it that FTX has made investments to assist Justin Sun in this acquisition.
TRON Price Analysis
After buying rumors began to circulate, the price of TRX’s native token, TRX, strengthened and is currently sitting at $0.06435; this represents an increase of 3.39% over the previous seven days and 5.16% over the previous seven days.
According to CoinMarketCap data, TRX’s market cap is currently $5,947,214,346 making it the 15th largest token by this indicator.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.