crypto.news
TRON’s market value reached a new all-time high as the whale accumulation strengthened.
TRON ($TRX) rose by 16% in the past 24 hours and is trading at $0.236 at the time of writing. Its market cap surged to an ATH of $20.4 billion as the broader crypto market gained upward momentum.
$TRX’s daily trading volume also doubled to $2.3 billion.
The TRON price rally comes amid increased whale activity around the asset. According to data provided by IntoTheBlock, large transactions consisting of at least $100,000 worth of $TRX rose from 244 to 722 on Monday, Dec. 2.
The total value of these transactions reached $432 million, ITB data shows.
Moreover, large holders accumulated over 76 million $TRX yesterday. Spikes in whale activity usually create FOMO (fear of missing out) among retail investors, potentially increasing the buying pressure.
This would put $TRX in a fairly good position for a short-term price hike. However, increased whale activity and trading volume could mean high price volatility.
On the other hand, the TRON exchange net inflows have also shifted from a net outflow of 104 million $TRX to a net inflow of 81 million $TRX between Nov. 30 and Dec. 2, per data from ITB.
The sudden shift suggests that investors are preparing to take short-term profits. Any whale selloff at this point could trigger FUD (fear, uncertainty and doubt) among retail holders, causing an increased selling pressure.
Notably, crypto.news data shows that the $TRX Relative Strength Index is also hovering above the 70 mark. The indicator suggests that the asset is slightly overbought at this price point.