Monero (XMR) price recorded one of its biggest rallies of the year after a series of suspicious crypto transactions involving more than $120 million in USDT triggered a sudden wave of buying.
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Monero (XMR) price recorded one of its biggest rallies of the year after a series of suspicious crypto transactions involving more than $120 million in USDT triggered a sudden wave of buying.
The privacy-focused cryptocurrency surged from around $300 to over $440 within hours, gaining nearly 20% before giving back part of those gains.
According to on-chain data, a Tron wallet identified as TAGYH…4cCOQ received approximately $120.2 million in USDT on June 11. Meanwhile, the funds were quickly transferred across several places.
Later, ZachXBT reported that around $12 million was sent to KuCoin, another $8 million moved through instant swap services, while an additional $8 million was bridged into Bitcoin and Ethereum.
Unlike other cryptos, Monero is designed to provide stronger transaction privacy, making it a popular choice for users seeking greater anonymity on-chain.
A significant portion of the funds appears to have been converted into Monero, triggering a sharp increase in buying pressure. Monero (XMR) token price quickly jumped from the $300 to more than $440.
The unusual activity quickly attracted attention from Tether. On June 12 at approximately 07:37 UTC, the stablecoin issuer blacklisted a linked Tron wallet and froze 72.03 million USDT connected to the suspicious transactions.
The action forms part of Tether's broader compliance efforts. According to company data, Tether has frozen more than $4.2 billion in assets since launching its blacklist program.
The latest freeze reignited debate within the crypto industry.
However, supporters say such actions help prevent criminal activity, while critics point to the centralized control stablecoin issuers maintain over digital assets.
The Monero price rally was not limited to spot markets. Derivatives data showed a significant increase in futures activity as traders rushed to gain exposure to the sudden move.
Over the past 24 hours, Monero futures trading volume surged more than 170% to over $441 million. At the same time, open interest climbed roughly 8.35% to nearly $164 million.
A price increase accompanied by rising open interest often suggests new capital is entering the market. In contrast, short-lived rallies driven purely by liquidations typically see open interest decline as positions close.
After reaching a high of above $420, Monero's price has cooled and is currently trading around the $381 level.
Even with the pullback, XMR remains one of the strongest-performing major cryptocurrencies over the past few days.
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