Lookonchain’s recent post highlighted that FTX has sent 75 million TRX tokens to Binance in the past few hours, adding to a total of 161 million TRX sent over the past three days.
These substantial transfers raise concerns about a potential mass selloff of TRX, indicating FTX’s efforts to liquidate its cryptocurrency holdings to meet obligations to creditors.
As of now, this anticipated TRX selloff has not commenced. According to CoinMarketCap, TRX is currently trading at $0.1047, showing a modest 24-hour gain of 1.50%.
Despite the recent increase in TRX’s price, pushing the altcoin to $0.1047, its weekly performance remains positive, with a gain of over 5% in the last seven days.
However, investors are advised to monitor the situation closely, considering the ongoing large token transfers and the potential impact on Tron’s market dynamics.