Tron founder Justin Sun transferred approximately $4.6 million worth of altcoins to Binance and Houbi exchanges shortly after the SEC lawsuit. New reports suggest that the founder is carrying a large amount of TRX this time around.
Justin Sun is on the agenda this time with TRX transfer
According to on-chain data, Sun moved 43.19 million TRX this morning via Venus and PancakeSwap. He then transferred 56.19 million TRX to Binance in three different transactions. It is noteworthy that Sun’s transfers intensified especially after the SEC case.
cryptocoin.com As we reported, the SEC sued the Tron founder for market manipulation at the end of March. On this date, Justin Sun-linked altcoins such as Sun token and Hust lost double digits. Before the last TRX transfers, it should be noted that Sun brought Tron to Twitter trends with a new announcement…
孙哥 @justinsuntron 今天凌晨从 #Venus 和 #PancakeSwap 赎回 4319 万 TRX，随后分三笔转入了 #Binance 共计 5619 万 $TRX （$3.68M）。
孙哥转入 Binance 的是 BSC 链的旧 TRX，孙哥你是进去换币的，还去将宝贵筹码交给家人们的😂
本条推文由 @LionDEX_CN 赞助 pic.twitter.com/rQbmt8vXww
— 余烬 (@BitcoinEmber) April 29, 2023
TRON on Twitter trends as Tron founder announces HK Stablecoin launch
In the past 24 hours, over 5,400 tweets have been trending as TRON (TRX), investors and enthusiasts discuss crypto’s latest developments.
The surge in interest was due to the news of Sun launching the Hong Kong dollar-pegged stablecoin on the network. “HK stablecoin is on TRON soon,” Sun tweeted, with over 180,000 impressions in the post.
#TRON trending on @Twitter 😊 pic.twitter.com/fN4V7uajLO
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 28, 2023
Earlier this year, Justin Sun, a consultant at Huobi, set an ambitious goal to make TRON an official payments service in five countries by the end of 2023:
By 2023, I hope to see TRX widely accepted and used as a legal tender in at least 5 countries, and this is just the beginning of wider adoption of cryptocurrency in general.
How about the TRX network?
The Tron network kicked off Q2 2023 with a bang when it announced the launch of Tron Stake 2.0. Blockchain also announced the addition of more features to Stake 2.0.
However, that’s not all Tron has to offer in April. As we enter a new month, crypto researcher Emperor Osmo highlighted that as of April 28, Tron has over $5 billion in TVL. The Tron network ranks 3rd after Ethereum and Binance Smart Chain.
$TRON has over $5 Billion in TVL.
Yet I've never seen or met anyone who's used the chain.
Someone educate me, what's going on here? pic.twitter.com/DXLLUGeEQh
— Emperor Osmo🧪 (@Flowslikeosmo) April 28, 2023
In addition to the aforementioned development, data from TronScan also indicated that the average daily transfer volume of stablecoins in the network reached 9,745,288,645.
🎉The average daily transfer volume of #stablecoins on #TRON network reached $9,745,288,645 (2023.04.21-2023.04.27)! #USDD #USDT #USDJ #TUSD #USDC pic.twitter.com/Lue6kLADMV
— TRONSCAN (@TRONSCAN_ORG) April 28, 2023
Despite the optimistic progress, data from Santiment didn’t exactly show the best picture for Tron. At the time of writing, development activity on the network was not at its best. Additionally, development activity has witnessed a decline over the past few days, at 2.31 at the time of this writing. Price-wise, it is trading in the $0.067 region, where it is up around 1.5% on the day.
