Tron’s total value locked (TVL) plummeted to a six-month low of $7.6 billion as TRX price rallied. Cointelegraph investigates.
TRX (TRX), the native token of the Tron network, saw a month-to-date increase of 9.5% in June, significantly outperforming its competitors Solana (SOL) and Ether (ETH), which decreased by 9% and 11% respectively during the same period.
Interestingly, TRX's rise coincided with a wallet linked to Justin Sun, Tron’s founder, transferring over $21 million worth of TRX to Binance. Traders now question how sustainable the TRX rally above $0.12 really is.
Data from Arkham Intelligence reveals that on June 27, Justin Sun moved 173.8 million TRX, valued at $21.4 million, to a Binance deposit address. On June 26, Tron’s total value locked (TVL) plummeted to a six-month low of $7.5 billion according to DefiLlama, suggesting that major investors are pulling funds from the ecosystem despite the price surge of TRX.
