- Tron has been one of the top-performing big cryptocurrencies this year.
- The coin is now hovering near the highest level in 2023.
- On-chain data shows that Justin Sun is making big moves in the ecosystem.
Tron price has done well this year. TRX jumped to a high of $0.090 on Monday after the iShares Bitcoin Trust fake news. Its highest point this week was the highest it has been since October 3rd. In all, TRX has jumped by over 25% from the lowest level this year, making it one of the top large-cap coins.
Justin Sun account movements
Tron price has done well, helped by the strong performance of JustLend, the biggest DeFi protocol in its ecosystem. JustLend’s total value locked (TVL) has jumped to over $4.5 billion, making it one of the biggest players in the industry.
JustLend has done well even as interest rates remain at an elevated level in the US. As a result, short-term government bonds, money market funds, and certificates for deposits (CDs) are yielding over 5%.
As such, these high yields have incentivised more people to move from risky lending protocols like JustLend and MakerDAO.
Tron price has continued rising even as Justin Sun’s accounts continued moving cash across the ecosystem. Data compiled by Whale Alert shows that Justin Sun made several large transactions on Monday.
In the first transaction, over $13 million moved from an unknown wallet to Justin Sun. The other two transactions worth over $46 million also moved to Sun’s wallet. Other two transactions worth over $42 million did the same. In the last transaction, $34 million moved from Justin Sun to a new wallet.
Justin Sun, who created the token, is believed to be one of the biggest holders of Tron. A recent report by Binance pegged his total Tron holdings to be worth over $139 million, making him one of the richest players in the industry.
In addition to Tron, he holds Wrapped Staked Ether worth $320 million and USDD worth $293 million. USDD is Tron’s stablecoin, which has a market cap of over $715 million.
Tron price prediction
The daily chart shows that the TRX crypto price has been in a strong bullish trend in the past few months. It has formed an ascending channel shown in blue and moved above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved above the neutral point.
Therefore, the outlook for Tron is still bullish, with the next key level to watch being at $0.10. This view will be confirmed if it moves above the year-to-date high of $0.093.
