TRX whale selloff cools down amid market correction
Whales started taking profits over the weekend, but the bearish momentum seems to have cooled down.
According to data provided by IntoTheBlock, the TRON (TRX) large holders’ net outflow declined from 141 million to 8.8 million TRX on Sept. 15. The on-chain indicator shows that the asset’s whale selloff has significantly declined.
Usually, declining whale activity would also mean lower price volatility.
On the other hand, the TRX exchange inflows have been constantly increasing. The token’s exchange net flows shifted from an outflow of 140 million TRX to a net inflow of 37 million TRX between Sept. 13 and 15.
The movement could mean two things. First, retail traders might be aiming at profits. Second, small TRX holders might be wandering FUD due to the market-wide correction after a high amount of whale activity was seen over the past three days.
TRX is up by 1% in the past 24 hours and is trading at $0.148 at the time of writing. The asset’s market cap is sitting at $12.9 billion with a daily trading volume of $250 million.
Profit-taking wouldn’t be surprising for TRX holders at this point. Data from ITB shows that over 94% of the TRON holders are in profit and only 3.8%, that bought TRX at an average price of $0.156, are at a loss.
Per ITB, most of the on-chain signals are looking neutral for TRX. Consequently, a price consolidation below $0.15 would be expected unless this crucial psychological point is breached.
