TRON (TRX) increases by over 70%, here are the reasons driving this altcoin's explosive price surge
Tron (TRX) has recorded a recent increase of over 70%, with the price reaching 0.4343 USD in the past 24 hours. Several key factors are driving this explosive price surge of the altcoin.
Firstly, the optimism from Justin Sun, the founder of TRON, when he declared that TRX would become the "next XRP" has created a positive effect on the market. As XRP shows signs of strong growth, many investors are showing interest in TRX, leading to an increase in demand and value for this coin.
Secondly, the unstable political situation in South Korea is also an important factor. The announcement of a state of emergency by the South Korean president for the first time in 40 years has prompted investors to shift assets to TRX, as it is a widely used currency for trading between exchanges in South Korea. This increased demand has driven the price of TRX higher.
Additionally, the rise in stablecoin trading volume on the TRON network, especially with Tether USD (USDT), has also contributed to boosting trading activity and the value of TRX, with stablecoin trading volume reaching 24.3 billion USD in the past 30 days. This indicates that TRON has become an important platform for financial transactions in the Asia region.