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TRON (TRX) Hits 4 Billion Network Transactions Upon Rumors Of Justin Sun Buying Huobi
The cryptocurrency market may seem like it is stuck in a rut, with its market capitalization standing firmly below the coveted $1 trillion mark, but some of its assets, such as TRON (TRX), are recording price gains and hitting highs in other areas.
Andrew
6:57 11th Oct, 2022
Markets

Indeed, the total number of transactions on the TRON blockchain has recently surpassed 4 billion, adding 4,812,800 transactions in the past 24 hours alone, according to the TRONSCAN data retrieved by Finbold on October 10.

TRON ecosystem latest data. Source: TRONSCAN

It is also worth noting that TRON’s total value locked (TVL) has exceeded $12.5 billion and that the number of accounts created on the network has reached 115 million, a little over two months after TRON became the second-largest public chain by stablecoin market cap.

Rumors of Huobi acquisition

Meanwhile, new developments are coming as Justin Sun, the founder of TRON, is reported to be the real buyer of crypto exchange Huobi, possibly with the help of Sam Bankman-Fried’s FTX.

Specifically, Huobi announced on October 8 that its controlling shareholder company had transferred all the shares of HuobiGlobal held by the fund of About Capital Management, but multiple sources told WuBlockchain that the core investor of this fund was actually Justin Sun.

Despite Sun denying participation, he announced on his official Twitter media account that he was appointed as a member of Huobi’s Global Advisory Board, as confirmed by the crypto exchange itself. As he said:

According to WuBlockchain, FTX and Justin Sun have made initial contact with Huobi founder Li Lin who was seeking to sell his majority stake in the exchange at a valuation of $3 billion. As rumors have it, FTX had made investments to assist Justin Sun in this purchase.

TRON price analysis

After the rumors of the acquisition started circulating, the price of TRON’s TRX token has strengthened and currently stands at $0.06435, which represents an increase of 3.39% on the day, as well as 5.16% across the previous seven days.

TRON 7-day price chart. Source: CoinMarketCap

As things stand, the market cap of TRX is currently $5,947,214,346, making it the 15th largest token by this indicator, as per CoinMarketCap data retrieved on October 10.

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