By Nathan Ferguson
An unusual transaction has been carried out by Tron DAO of Justin Sun. The enormous transaction was performed a few hours back. In the respective transaction, nearly 180 million worth was transferred from a wallet based on Tron DAO to the prominent crypt exchange Binance. It is expected that the transaction will show an impact to be seen in the industry in the coming time.
Tron DAO Reportedly Sends up to $180M to Binance
No information has yet been shared by Tron DAO or Justin Sun regarding the aforementioned transaction. Nonetheless, the consumers have in advance made speculation dealing with an impending purchase operation to be witnessed in the market. In line with the on-chain statistics, Bitcoin as well as the rest of the crypto assets have been bought by whales during the present short-term market rise.
The latest transfer from Tron DAO to the Binance crypto exchange could be included in the huge purchase power witnessed in the industry of digital assets in January. During the whole of this month, big transactions have been carried out by Justin Sun as well as the wallets associated with Tron or Tron DAO. The destinations of the transfers were diverse crypto exchanges among which Binance was also included.
Nevertheless, the majority of the transfers were connected to the internal distribution of funds instead of the actual operations related to selling or purchasing. Unluckily, no distinctive methods are available to know the precise destination of the funds. But one thing is certain such huge transfers will potentially influence the entire market in one way or the other in line with the liquidity present on Binance as well as the market’s depth.
Tron has not provided any response on the transfer being discussed. The price performance of TRX (the local token of Tron) has not expressed any significant changes in recent days. The recent price performance of the TRX token has been majorly following the general trend across the market. It replicates the price movement of Ethereum, Bitcoin, as well as the rest of the crypto assets operating within the crypto industry.
In this way, these crypto tokens have been rising in terms of price during recent weeks. Recently, on Thursday, Huobi (a crypto exchange based in Singapore) made a confirmation about the Tron founder Justin Sun (who is one of the wealthiest people in the crypto world). The crypto exchange mentioned that he is not only a participant of the Global Advisory Board rather is driving the crypto exchange.
Huobi Confirms Justin Sun to Be Its Leader
The blog post disclosed that under Justin Sun’s leadership, Huobi has likely started a journey to rebirth. Sun occupied a place on the Global Advisory Board back in October. This was witnessed soon after About Capital Management (an investment platform based in Hong Kong) turned into Huobi’s majority stakeholder. However, this was not previously confirmed by the crypto exchange that the platform’s in-charge was Justin Sun.
A lot of rumors have been ignited across the market regarding Sun. Some say that he might be playing the role of a shadow investor at the back of About Capital. Nevertheless, the Sun’s representatives have asserted that the person does not own the firm. Sun formerly confirmed having possession over a huge sum of HT (the native token of the Huobi crypto exchange). The crypto exchange recently faced scrutiny due to diverse aspects.