TRON’s market cap surpassed $20b, marking a new milestone

As whale accumulation strengthens, TRON’s market cap has reached an all-time high.

TRON (TRX) is up 16% in the last 24 hours and is trading at $0.236 at the time of writing. Market cap rose to $20.4 billion ATH as the broader crypto market gained bullish momentum.

Source: crypto.news

TRX’s daily trading volume also doubled to $2.3 billion.

The rise in TRON price comes at a time when whale activity around the asset is increasing. Large transactions involving at least $100,000 worth of TRX rose from 244 to 722 on Monday, December 2, according to data provided by IntoTheBlock.

Source: IntoTheBlock

According to ITB data, the total value of these transactions reached 432 million dollars.

Moreover, large investors accumulated over 76 million TRX yesterday. Sudden increases in whale activity often create FOMO (fear of missing out) among retail investors and potentially increase buying pressure.

This would put TRX in a very good position for a short-term price increase. However, increased whale activity and trading volume can mean high price volatility.

On the other hand, according to ITB data, net inflows on the TRON exchange also shifted from a net outflow of 104 million TRX to a net inflow of 81 million TRX between November 30 and December 2.

The sudden change indicates that investors are preparing to make short-term profits. Any whale selling at this point could trigger FUD (fear, uncertainty and doubt) among retail owners, resulting in increased selling pressure.

In particular, crypto.news data shows that the TRX Relative Strength Index is above the 70 level. The indicator shows that the asset is slightly overbought at this price point.