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TRON (TRX)now the tenth-largest cryptocurrency by market cap, has seen a massive 253% increase in whale activity over the past 24 hours, according to on-chain data. Whales, or large TRX holders, are making big moves, indicating increased interest in the cryptocurrency.
According to IntoTheBlock data, Tron's large transaction volume reached $382.31 million, or 1.67 billion TRX in cryptocurrency terms, representing a 253% increase in the past 24 hours. The large transaction volume reflects increased activity by whales, or large owners, whether buying or selling. This comes amid a widespread market liquidation that saw a loss of $359 million across various crypto assets during the same period.
According to CoinGlass data, $359 million of cryptocurrency positions were liquidated, with short positions representing the majority of that amount, for a total of $213.59 million, and long positions representing $139.52 million.
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TRX rose 5.74% over the past 24 hours to $0.235 amid a broader cryptocurrency market rebound sparked by Bureau of Labor Statistics numbers released the previous day. Reassuring US inflation data boosted global markets, renewing bets on additional interest rate cuts by the Federal Reserve.
The Tron network is growing
The Tron network continues to expand. according to CryptoquantTron's blockchain has seen an unprecedented 119% growth in daily on-chain revenue since January 1, 2024, mostly due to increased gas usage and transaction volume. This expansion may reflect the network's growing adoption and strong activity across DeFi platforms and the smart contract ecosystem.
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USDT remains the primary driver of network activity. USDT offer is running You see The value of transfers increased from $48 billion to $62 billion in 2024, while the value transferred increased from $362 billion in December 2023 to $576 billion in December 2024, with the number of monthly transfers increasing from 55 million to 62 million. USDT is the most transferred token on TRON, accounting for over 99% of the tokens transferred.
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