Tron (TRX), now the 10th largest cryptocurrency by market capitalization, has experienced a massive 253% surge in whale activity in the last 24 hours, according to on-chain data. Whales, or large holders of TRX, have been making substantial moves, indicating increased interest in the cryptocurrency.

According to IntoTheBlock data, Tron's large transaction volume was $382.31 million, or 1.67 billion TRX in crypto terms, representing a 253% increase in the last 24 hours. Large transaction volume reflects increased activity from whales, or large holders, either buying or selling. This comes amid a broader market liquidation that saw $359 million wiped out across various crypto assets over the same period.

According to CoinGlass data, $359 million in crypto positions were liquidated, with shorts accounting for the majority of this, totaling $213.59 million, and longs accounting for $139.52 million.

TRX is up 5.74% in the last 24 hours to $0.235 amid a broader crypto market recovery sparked by the Bureau of Labor Statistics figures released a day earlier. Reassuring U.S. inflation data boosted global markets, renewing bets on additional Federal Reserve interest rate reductions.

Tron network growing

Tron Network continues to expand. According to CryptoQuant, Tron's blockchain has experienced an unprecedented 119% growth in daily on-chain revenue since Jan. 1, 2024, owing mostly to increased gas usage and transaction volume. This expansion might reflect the network's growing adoption and robust activity across its DeFi platforms and smart contract ecosystem.

USDT continues to be a primary driver of network activity. The USDT supply on TRON climbed from $48 billion to $62 billion in 2024, while the value transferred went from $362 billion in December 2023 to $576 billion in December 2024, with a monthly number of transfers rising from 55 million to 62 million. USDT is by far the most transferred token on TRON, accounting for over 99% of tokens transferred.