As a researcher with a background in cryptocurrencies and blockchain technology, I find the recent developments in the crypto market intriguing, particularly the sudden displacement of Shiba Inu (SHIB) by TRON (TRX) in terms of market capitalization. The causes behind this shift are multifaceted, with TRX benefiting from its role as a native token on the TRC-20 network where large USDT turnovers occur.
Over the past few days, and more notably in the previous 24 hours, another significant incident unfolded on the crypto market, alongside the high-value liquidations. This event revolves around Shiba Inu (SHIB), a widely recognized meme cryptocurrency, which has been dethroned from its position among the top 10 largest cryptocurrencies on CoinMarketCap.
The culprit was the TRON (TRX) token, which is a native token of the TRC-20 network – where one of the largest turnovers of the most popular stablecoin, USDT, takes place. With a market capitalization of $10.59 million, TRX outperforms SHIB by 3.7%. Interestingly, Shiba Inu token beats Avalanche (AVAX), which is ranked 13th, by the same percentage.
Justin Sun allegedly buys Ethereum dip
As a crypto investor, I’ve noticed an intriguing development with TRON token outpacing its competitors recently. The man behind its creation, Justin Sun, has been generating headlines with his latest moves. Over the past week, I’ve heard rumors that Sun has been quietly amassing substantial amounts of Ethereum.
According to U.Today’s recent article, TRON’s founder has amassed approximately 3,967 Ether in the past few days, which translates to nearly $50 million. Furthermore, an address believed to be Sun’s withdrew an additional 1,449 Ether from Binance today.
As a researcher, I am intrigued by the relationship between the growth of TRON’s token (TRX) and its market cap competitors, such as Ethereum (ETH). It is an open question whether TRX’s advancement can be attributed to any potential large-scale Ethereum purchases made by TRON’s leader, Justin Sun. The answer to this will depend on the future direction of ETH transactions from Sun’s wallets. Stay tuned for updates as we closely monitor the developments in these two cryptocurrencies.
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2024-06-25 15:52