In the last 24 hours, the TRX coin saw a sudden increment in the trade price, without any proper reason or positive news.
Tron is a popular Proof-of-stake (PoS) blockchain network and TRX is the native token of this network. Popular crypto entrepreneur Justin Sun is the founder of this Tron blockchain. He is currently working as a senior advisor at Huobi Global crypto exchange.
Between 22 May to 23 May, the TRX coin saw a pump by nearly 7%. At the time of writing this article, the current trade price is $0.0786 & this trade price is 5.33% high over the last 24 hours.
It is worth it to note that over the past week, TRX coin saw no new big/popular news in this sector but still the price is pumping more rapidly over other crypto assets, thanks to manipulation.
Some people in the crypto sector analyzed that some big-level manipulation is going on behind the crypto exchanges & this cryptocurrency. Notably, OKX cryptocurrency exchange has transferred nearly 194 million TRC-20 USDT to the Kraken exchange within the last 2 two days.
And also similar transfers between these crypto platforms have totaled nearly 264 million TRC-20 USDT throughout May, meaning these recent two-day transfers represent a massive 73.5% of the total monthly volume. These data findings are enough to predict the manipulation level.
Justin Sun & legal hurdles
In March of this year, the United States Securities and Exchange Commission (SEC) initiated charges against Justin over unregistered crypto token offerings in the US. The SEC body also alleged that Tron violated Federal securities law because he manipulated the token prices several times.
In the last few weeks, many crypto Twitter users talked about the legal hurdles that Justin is facing. Few people claimed that Justin may be soon arrested by the US authorities.
Some people claimed that if Justin will be arrested by the US authorities then not only TRX coin price will plunge badly but also Tron’s stablecoin USDD will also collapse badly, more similar to TerraUSD stablecoin downfall.
Read also: Malaysian regulator bans Huobi crypto exchange services