Tron (TRX), founded by Justin Sun, surged nearly 80% this morning (the 4th), reaching a historic high of $0.4313, primarily influenced by multiple factors, including recent political turmoil in Korea. As a market extremely active in cryptocurrency trading, the rapid response of Korean retail investors once again shocked the market.
According to CoinGecko's market data, as of the time of writing, TRX's increase has converged to 70.5%, with the current trading price at $0.3815 and a market capitalization of $32.4 billion; the DeFi protocol token JST based on the Tron blockchain also surged by 47%, reaching $0.0585.
Some users on social platform X believe that the recent surge in TRX may be closely related to the sudden changes in Korea's political situation.
On Tuesday evening, South Korean President Yoon Suk-yeol unexpectedly announced a state of emergency, marking the first declaration of emergency in South Korea in 44 years. However, after a congressional vote to abolish it, Yoon Suk-yeol announced the lifting of the state of emergency and the withdrawal of troops at 4:30 AM today (the 4th).
Netizen @toy7594 pointed out: "It seems that during the state of emergency, Korea's cryptocurrencies quickly transferred to overseas exchanges, as local exchanges were temporarily paralyzed. Tron (TRX) also soared as a result."
The two major centralized exchanges in Korea, Upbit and Bithumb, also confirmed that due to a sharp increase in trading activity last night, platform services were suspended for one to two hours.
BTC Markets cryptocurrency analyst Rachael Lucas stated: "The recent surge of Tron (TRX) is partly due to the political turmoil in Korea. As a commonly used transfer token between exchanges, especially in the Korean market, TRX has become an important tool for traders seeking quick capital transfer."
Rachael Lucas added that since Upbit once accounted for over 80% of the trading volume in the Korean spot market, once the service was suspended, investors immediately sought alternative options to transfer assets, resulting in a significant increase in TRX trading volume.
However, Presto Research analyst Min Jung believes that while political turmoil may have contributed to the rise of TRX, it alone cannot explain such an astonishing surge. Min Jung analyzed:
This may also be related to the capital rotation phenomenon currently being experienced in the market, with established cryptocurrencies including Ripple (XRP) performing strongly in the market environment, while assets like Iota and VeChain have also seen significant increases.
He also mentioned, "There are rumors in the market that Justin Sun may control a large portion of the circulating supply of TRX, which raises questions about whether this surge is purely a natural market reaction or if it is being deliberately manipulated."
Justin Sun has recently made headlines; he was not only appointed as an advisor to the Trump family's DeFi project World Liberty Financial but also purchased the famous work (Comedian) by Italian artist Maurizio Cattelan for $6.2 million last month — the banana taped to the wall — and ate it at a press conference, sparking heated discussion.
"Korean retail investors are fleeing with their funds! Tron (TRX) benefits and surges nearly 80% to reach a new high" was originally published by (Blockcast).
