TRON’s market value reached a new all-time high as the whale accumulation grew stronger.
TRON (TRX) is up 16% in the last 24 hours and is trading at $0.236 at the time of writing. Its market cap reached an ATH of $20.4 billion as the broader crypto market gained momentum.
TRX’s daily trading volume also doubled to $2.3 billion.
The TRON price rise comes amid increased whale activity around the asset. According to data provided by IntoTheBlock, large transactions worth at least $100,000 worth of TRX increased from 244 to 722 on Monday, December 2.
The total value of these transactions reached $432 million, according to ITB data.
Additionally, large holders accumulated over 76 million TRX yesterday. Spikes in whale activity typically create FOMO (fear of missing out) among retail investors, potentially increasing buying pressure.
This would put TRX in a pretty good position for a near-term price rally. However, increased whale activity and trading volume could lead to high price volatility.
On the other hand, the TRON exchange’s net inflows also increased from a net outflow of 104 million TRX to a net inflow of 81 million TRX between November 30 and December 2, according to ITB data.
This sudden change suggests that investors are preparing to take profits in the short term. Any whale selling at this stage could trigger FUD (fear, uncertainty and doubt) among retail holders, causing increased selling pressure.
Notably, data from crypto.news 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 level.
