In the early hours of this morning, Tron (TRX) founded by Justin Sun soared nearly 80% at one point, setting a record high of $0.4313, mainly affected by the recent political turmoil in South Korea. As a market with extremely active cryptocurrency transactions, the rapid response of South Korean retail investors once again shocked the market.
South Korean President Yoon Seok-yeol made the surprising decision to impose martial law for the first time in more than 40 years, but it was reversed by the National Assembly hours later, causing large fluctuations in South Korean company stock prices and the Korean won (KRW) exchange rate. The S&P500 index still rose slightly, setting a new high for the 55th time this year. Bitcoin briefly fell to 93K and Ethereum fell to $3,500, but recovered to 96K and 3,722 before press time. TRX and BNB both set new all-time highs.
TRON and Justin Sun’s concept coins surged by 80%
According to data from CoinMarketCap, TRX, the native token of the Tron ecosystem, has soared by more than 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 at the same time. For example, the DeFi protocol tokens Just (JST) and Sun Token (SUN) in the Tron ecosystem both rose by about 50%, HTX also rose by 40%, and even the meme coin Sundog once exceeded $0.2.
TRX token current market
As of now, the price of TRX is $0.3912, and the trading volume in the last 24 hours is $16,827,256,285, which is a 507.70% increase compared to the previous day, indicating a recent increase in market activity. The increase in 24 hours is 69.4%. The historical highest price of TRX is $0.4313, and its historical lowest price is $0.001804. The total market value of TRX is now $33.7 billion, and it broke through $20 billion last night, and the current market value is still rising.
The reason for TRX's rise has been found!
TRX's recent rise may be partly due to political instability in South Korea. According to The Block, Tron (TRX) rose by about 80% in the past day, partly due to the recent political turmoil in South Korea. South Korean President Yoon Seok-yeol's announcement of an emergency martial law caused market volatility, and South Korea is one of the most active cryptocurrency markets in the world.
Some analysts pointed out that TRX is a commonly used transfer token across exchanges, especially in the Korean market. Exchange restrictions during the martial law period may prompt funds to turn to TRX for cross-platform transfers.
In addition, some market observers mentioned that this increase may also be part of the recent "rotation of traditional currencies", which echoes the upward trend of old currencies such as XRP. At the same time, some analysts believe that Tron founder Justin Sun holds a high proportion of TRX supply, and there are still doubts whether this increase is completely driven by the market.
