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.
