The cryptocurrency market took a break after the recent recovery rally. Although the leading crypto (BTC) slides below the $23,000 line, it appears to be consolidating rather than a deep pullback. Altcoins also tend to move largely parallel to BTC. In this market environment, crypto whales are moving their holdings. TRON inventor Justin Sun’s Tron DAO has also piled huge USDC on Binance until it became a whale.
Justin Sun’s Tron DAO moves $180M to Binance
An unexpected transaction made by Tron inventor Justin Sun’s Tron DAO has attracted attention. In the massive transaction that took place during the day, $180 million USDC was moved from a Tron DAO wallet to Binance. Considering the current timing imposed by the crypto markets, this transaction is likely to have an impact on the market in the near term.
By the way, it should be noted that Justin Sun or Tron DAO did not share any information regarding the latest transaction. However, market players are already starting to speculate about the potential of the upcoming buying activity.
cryptocoin.comAccording to on-chain data, whales are actively buying Bitcoin and other assets during this short-term market rally. The latest transaction from Tron DAO to Binance could be part of the enormous purchasing power we witnessed in the cryptocurrency market in January.
Will this move have an impact on the market?
Meanwhile, during the month, Justin Sun himself and Tron DAO or wallets affiliated with Tron are making large transfers to different crypto exchanges, including Binance. However, many of these transactions depended on internal fund redistribution rather than actual buying or selling transactions. Unfortunately, there is no obvious way to determine where these funds actually go. However, given the current liquidity on Binance and the depth of the market, even such a large sum will likely not have an impact on the market.
Tron (TRX) itself also did not react to the big transaction on the exchange. Altcoin price performance has been at the same level for the past few days. Compared to previous performance, TRX mostly follows the general trend in the market and replicates the movement of Bitcoin, Ethereum and other digital assets that have been bullish over the past few weeks. At press time, TRX was trading at $0.06248, down 0.17% on a daily basis. However, the altcoin is still in the green on a weekly basis. TRX, on the other hand, is currently down 80% from the all-time high of $0.3 it saw 5 years ago.
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