Ethereum
TRON dethrones Shiba Inu (SHIB), while founder Justin Sun buys Ethereum
Gamza Khanzadaev
TRON has risen to the top spot, dethroning Shiba Inu (SHIB), as its founder, Justin Sun, aggressively buys Ethereum.
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During what has happened in the cryptocurrency market in recent days, and especially in the last 24 hours, another dramatic micro-event has occurred, in addition to liquidations worth hundreds of millions of dollars. It is related to the popular cryptocurrency Shiba Inu (SHIB), which was displaced from 11th place among the largest cryptocurrencies by CoinMarketCap.
Source: 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 cap of $10.59 million, TRX outperforms SHIB by 3.7%. Interestingly, the Shiba Inu token beats Avalanche (AVAX), which is ranked 13th, by the same percentage.
Justin Sun Reportedly Bought Ethereum Dip
As the TRON token bypasses popular competitors, the man involved in its creation, Justin Sun, deserves his own place in the headlines thanks to his actions. Over the past week, Sun has been making a lot of noise behind the scenes, allegedly accumulating large amounts of Ethereum.
Source: Arkham Secret Service
As U.Today reported yesterday, the TRON founder has accumulated over 3,967 ETH over the past few days, which is equivalent to almost $50 million. Additionally, today an address allegedly belonging to Sun withdrew an additional 1,449 ETH from Binance.
Is the growth of the TRON token ahead of its low market capitalization competitors linked to the possible purchase of a large amount of Ethereum by its leader? It’s an open question. It will be interesting to see how TRX’s position in the rankings changes when Sun’s wallets’ ETH movements go in the opposite direction.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.