Early this morning, TRX, founded by Justin Sun, surged nearly 80%, reaching a historical high of $0.4313, mainly influenced by recent political turmoil in South Korea. As a market with extremely active cryptocurrency trading, the swift response from retail investors in South Korea once again shocked the market.
South Korean President Yoon Suk-yeol made the astonishing decision to implement a state of emergency for the first time in over 40 years, but was reversed by the National Assembly just hours later, causing significant fluctuations in Korean company stock prices and the KRW exchange rate. The S&P 500 index still rose slightly, reaching a new high for the 55th time this year. Bitcoin briefly dropped to 93K, while Ethereum fell to $3,500, but had recovered to 96K and 3,722 by the time of writing. Both TRX and BNB set new all-time highs.
Tron and Justin Sun's concept coins all surged by 80%
According to data from CoinMarketCap, the native token TRX of the Tron ecosystem skyrocketed by over 80% in the past day, reaching a high of $0.43.
At the same time, many tokens related to Tron and its founder Justin Sun also surged significantly at the same time. For example, DeFi protocol tokens Just (JST) and Sun Token (SUN) in the Tron ecosystem both increased by about 50%, while HTX rose by 40%, and even the meme coin Sundog briefly broke $0.2.
Current market status of TRX token
As of now, the price of TRX is $0.3912, with a trading volume of $16,827,256,285 in the last 24 hours, representing a 507.70% increase compared to the previous day, indicating growth in recent market activity. The increase in the last 24 hours is 69.4%, with TRX's historical highest price being $0.4313 and its historical lowest price being $0.001804. TRX now has a total market capitalization of $33.7 billion, having briefly surpassed $20 billion last night, and the market cap continues to rise.
Found the reason for TRX's rise!
The recent rise in TRX may be partially influenced by the political instability events in South Korea. According to The Block, Tron (TRX) increased by about 80% in the past day, partly due to the recent political turmoil in South Korea. President Yoon Suk-yeol's announcement of an emergency state of emergency triggered market volatility, and South Korea is one of the most active cryptocurrency markets globally.
Analysts pointed out that TRX is a commonly used transfer token across exchanges, especially widely used in the South Korean market, and restrictions on exchanges during the state of emergency may prompt funds to shift towards using TRX for cross-platform transfers.
Additionally, some market observers mentioned that this surge could also be part of the recent 'rotation of traditional coins', echoing the upward trend of established coins like XRP. At the same time, some analysts believe that Tron founder Justin Sun holds a relatively high proportion of TRX supply, raising doubts about whether this increase is entirely market-driven.
