In the course of what happened on the crypto market in the last few days, and especially in the last 24 hours, another dramatic micro-event occurred, in addition to liquidations worth hundreds of millions of dollars. It is related to the popular meme cryptocurrency Shiba Inu (SHIB), which has been displaced from 11th place among the largest cryptocurrencies by CoinMarketCap.

The culprit was the TRON (TRX) token, which is a native token of the TRC-20 network - where one of the largest turnovers of the most popular stablecoin, USDT, takes place. With a market capitalization of $10.59 million, TRX outperforms SHIB by 3.7%. Interestingly, Shiba Inu token beats Avalanche (AVAX), which is ranked 13th, by the same percentage.

Justin Sun allegedly buys Ethereum dip

While the TRON token bypasses popular competitors, the man involved in its creation, Justin Sun, deserves his own place in the headlines with his actions. Over the past week, Sun has been making a lot of noise behind the scenes, allegedly accumulating large amounts of Ethereum.

As U.Today reported yesterday, the TRON founder has accumulated over 3,967 ETH in the last few days, which is the equivalent of almost $50 million. In addition, today, an address allegedly belonging to Sun withdrew another 1,449 ETH from Binance.

Is the growth of the TRON token ahead of its close market cap competitors related to the possible purchase of a large amount of Ethereum by its leader? It is an open question. It will be interesting to see how TRX's position in the rankings will change when ETH movements from Sun's wallets go in the opposite direction.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.