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.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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