Justin Sun Transfers 173 Million TRX Among Other Coins to Binance, What is Happening?

Justin Sun, the founder of the TRON blockchain, has reportedly shifted about 173 million TRX coins to the largest crypto exchange by trade volume, Binance. The move which coincides with a notable TRX price uptick has sparked discussions across the market with participants speculating on the possible reasons behind the action.

While the global crypto market is undergoing a significant decline, the price of TRX has defied this trend, recording impressive gains over the past month. However, with the latest transfer, concerns have been raised about the possible impact on the future price trajectory of the coin.

SUN Sends Over $23 Million Worth of Cryptocurrency to Binance

Meanwhile, the Chinese-born Granadian crypto businessman sent staggering amounts of TRX along with other crypto coins to the aforementioned exchange. According to data from Arkham Intelligence, an analytic tool that reveals the identity behind large transactions, Sun dumped exactly 173.821 million TRX, (equivalent to $21.37 million), 120.149 billion BitTorrent (BTT), worth approximately $105 thousand, and 20.293 billion WINkLink (WIN), valued at $1.79 million.

Even though such a huge transfer to centralized exchanges indicates a sell-off, the price of the mentioned tokens has exhibited varied reactions. According to CoinMarketCap data, the price of TRX and BitTorrent (BTT) has jumped following the transfer, by 2.60% and 0.71% respectively. However, WinkLink (WIN) has taken a different route, with its price dropping by 0.78%.

Recall that earlier this week, the price of TRX reached a five-week high of $0.125 while Bitcoin and other top cryptocurrencies witnessed significant dips in their prices. This impressive TRX trend has caught the attention of investors as new money continues to flow into the project.

Per Arkham Intelligence data, Sun’s total crypto holdings are now totaled at $1.01 billion. USDD and TRX represent the majority of his holdings with $275.05 million and $242.52 million respectively. Other coins held by the crypto mogul include $90.83 million worth of USDJ, $89.09 million in BTT, $88.78 million in BTC, and $53.07 million of WSTETH.

Reasons for TRX Price Continous Growth

According to analytics from IntoTheBlock, a leading market intelligence platform, the number of active TronDAO users has been on a steady increase since the beginning of the year. In a post on X (formerly Twitter), the data-tracking platform noted that the number has approached 2.5 million on a daily average. Additionally, this figure has surpassed other prominent layer 1 networks.

This continuous growth has placed TRX as the top gainer among the top 10 cryptocurrencies by market cap in the last month. According to CoinMarketCap data, TRX has gained a significant 20.61% in the last 30 days, and 8.19% over the last week. At the time of writing, the coin is changing hands at 7.69% which is slightly 6.7% down from its all-time high of $8.25 reached on June 15.