Tron has tasted some amazing success in recent times as the project has delivered some fabulous result with all the tasks that it has undertaken. While fundamentally things are getting stronger and investors flocking around TRX, according to Long Hash research Trdot Wallet appears to be cashing out as it moves 683 million TRX from its Wallet.
Tron under pressure after this big move from Trdot to Binance
According to the latest research post released by Long Hash, Trdot wallet seems to have cashed out on its Tron holdings and is the reason why the prices of the coin have been under pressure. The first significant withdrawal was seen in February. Trdot Wallet’s TRX balance peaked on February 4th at 1.2 billion TRX, but only in 9 days, on February 13th, the balance dropped to 775 million TRX. Further research showed that over the last weekend, Trdot wallet moved transferred a large amount of TRX into Binance exchange, which seems like its been selling and cashing out.
Trdot is one of many wallets where investors store cryptocurrency. It has attracted a comparatively high number of deposits because it promises a high-interest return. There is one Trdot Wallet address (TRWkuqvtjc6FXsbJhpnJNG7bB6CAwu6dfM) on the TRON blockchain, and this is presumably where investors’ money is being stored. This is the wallet from which 40 million TRX were transferred to Binance post which TRX showed a price decline trend compared to other mainstream coins.
To quote from the report, that speaks about the analysis of the transaction, it said
“We further analyzed the changes in the market trend of TRX on Binance. The TRX/BTC trading pair was the first to show a decline in TRX market. The drop began at 0:00 am on March 24 (UTC), which is much earlier than the other TRX trading pairs. At the same time, trading volume quickly reached 37 million TRX within one hour from 0:00 am to 1:00 am, which is very close to the number of TRX transferred from the Trdot wallet transfer address. This suggests that the decline in TRX/BTC is most likely due to the sell-off of the 40 million TRX that were transferred from the Trdot Wallet.”
While whale movements are pretty common across the industry, TRX fundamental growth doesn’t seem to be supporting this large exit by a whale. Is it something that the market is unaware of or is it all the blames of “fake performance numbers” actually true for Tron.
What do you thing is the reason for this Whale move in Tron? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.