TRON has recently surpassed 4 billion in network transactions. It is reported that TRX spikes due to the rumors of Justin Sun’s Huobi acquisition.
The market dominance of altcoins, including leading blockchain networks, is facing turmoil during this crypto winter. However, it is not the same case for others as TRON (TRX) recently crossed 4 billion in network transactions due to recent news of Justin Sun buying crypto exchange giant Huobi.
TRON Spikes Due to Rumours!
The historic crypto crash has wiped out trillions of dollars from the market since May, while some of the digital assets seem not to be affected as the TRON network crossed 4 billion in network transactions, reaching new highs during the bear market. According to data by TRONSCAN, TRON has surpassed 4 billion transactions, adding 4,775,936 transactions to the network in the last 24 hours. The total transaction of the TRON network is now at 4,003,508,224.
It is also worth highlighting that TRON’s total value locked (TVL) has surged to $12.5 billion, and the number of account holders on the network has reached 115 million, representing the hype and interest on the TRON network as TRON recently became the second-largest public network in terms of stablecoin market capitalization.
Is Justin Sun Buying Huobi?
According to recent news, Justin Sun, the founder of TRON, appears to be the possible buyer of the crypto exchange giant HuobiGlobal. On 8 October, Huobi announced that the controlling sector of shares of the crypto firm transferred all its shares by the fund of About Capital Management. Multiple sources suggest that Justin Sun is the primary investor of this fund, meaning that Justin will acquire the crypto exchange platform HuobiGlobal.
However, Justin denied this news today, announcing that he has been appointed as a member of Huobi’s Global Advisory Board which is confirmed by Huobi itself. According to WuBlockchain, FTX founder Sam Bankman-Fried and Justin Sun made a deal with Huobi founder Li Lin who was willing to sell a significant amount of his holdings at a total price of $3 billion. Rumors indicate that FTX has invested in the deal to assist Justin Sun’s Huobi acquisition.
TRX Heads to the North
After the rumors, TRON has made an incredible price jump today with a solid bullish candle. According to CoinMarketCap, TRX is currently trading at $0.06425 with a high of $0.06527. Since yesterday, it has made a jump of over 3%.
The market capitalization also increased from $5.88 billion to $5.99 billion in just one day. TRX is trying to make a breakout at $0.065, and if it breaks the resistance level, we can see a continuous upward move as bulls are creating buying pressure in the price graph. Conversely, we can see a slight correction downside after its upward retracement if it trades below $0.063.
As the cryptocurrency market is finally recovering from its bearish trend, several digital assets are gaining their positions back and bringing bullish hopes to investors. TRON is putting efforts into adding more value, and one of the main reasons behind its spike is the partnership with WeFund to offer users more facilities for TRON-based payments.
