Binance Whale Transacts $2 Million as Altcoin Price Drops

A transaction worth millions of dollars was recorded on Binance, the world's largest cryptocurrency exchange.

According to the information shared by the blockchain analysis platform called Lookonchain, a newly opened wallet withdrew 14.43 million TRU (worth approximately $2.45 million) from the Binance exchange and staked it on the TrueFi platform.

Is he expecting an increase in price?

TrueFi is a protocol that provides modular infrastructure for blockchain-based loans. This platform connects lenders, borrowers and portfolio managers through smart contracts governed by the TRU token.

When a whale withdraws an altcoin from Binance, it is generally seen as a sign that the value of this cryptocurrency will increase. According to TradingView data, TRU has lost more than 10% in value in the past 24 hours. According to CoinGecko data, TRU has a market value of $186 million.

TrueFi, which opened in November 2020, has provided more than $1.7 billion in loans to more than 30 institutions and paid more than $40 million in interest payments to protocol participants.

Borrowers also include crypto-focused institutions and “real world” firms such as fintech companies, trading firms and loan funds.

TRU token is the native cryptocurrency of the TrueFi protocol. TrueFi users can have a say in the direction of the protocol by staking TRU.