Tron and Justin Sun's concept coins soar 80%
According to data from CoinMarketCap, the native token TRX of the Tron ecosystem surged over 80% within the past day, peaking at $0.43. At the same time, many tokens related to Tron and founder Justin Sun also skyrocketed. For instance, DeFi protocol tokens Just (JST) and Sun Token (SUN) in the Tron ecosystem both rose about 50%, HTX rose 40%, and even the meme coin Sundog briefly broke $0.2.
Why did Tron and Justin Sun's concept soar?
According to The Block, some attributed Tron's sudden rise to the political turmoil that occurred that night in South Korea.
BTC Markets' cryptocurrency analyst Rachael Lucas stated:
"The recent rise of Tron (TRX) seems to be partially driven by political turmoil in South Korea. As a widely used transfer token between exchanges, especially in South Korea, TRX has become a tool for traders to quickly move funds."
In addition, Lucas pointed out that Upbit at one point accounted for over 80% of the spot trading volume in South Korea. If trading is restricted, it may drive traders to seek other solutions, thereby increasing TRX trading volume.
On the other hand, Min Jung, an analyst at Presto Research, told The Block that while this political event may have some impact on Tron's rise, it is unlikely to be the sole reason.
"This could also be part of the widespread 'Dino Rotation' phenomenon, where traditional cryptocurrencies like XRP have also been rising under current market conditions."
Other cryptocurrencies that are also considered traditional coins, such as Iota and VeChain, have recently shown an upward trend. Jung also mentioned that there are rumors in the market that most of the supply of Tron is controlled by founder Justin Sun, which raises questions about whether this price increase is natural or influenced.
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