Tron network’s native TRX token is splashing as FTX crashes. While the coin changed hands for 6 cents on other leading exchanges such as Binance and OKX, it instantly rose 4,000 percent from 6 cents to $2.5 on the embattled crypto exchange FTX. Here are the details…
Tron (TRX) did 40x on FTX
Tron-based assets such as BTT, SUN, and JST also rose several times in FTX, unlike other exchanges. The high prices may be related to statements that the Tron founder is working on a solution with the bankrupt FTX. However, according to many, this rise is related to the announcement of TRON founder Justin Sun to prevent the victimization of investors of some cryptocurrencies in FTX. According to experts, investors are piling on TRX thinking that the Tron founder will redeem some coins on a 1:1 basis. You can see how the value of TRX suddenly jumped in the FTX exchange in the chart below:
As we reported on Kriptokoin.com, Sun announced that in case of any problem in FTX, if investors cannot withdraw their coins, they will provide 1:1 coins to investors of 5 altcoins. The coins in question consist of Sun (SUN), BitTorrent (BTT), Just (JST), Huobi Token (HT) and Tron (TRX) in the Tron ecosystem. As it is known, currently, traders in FTX cannot make any withdrawals in FTX. But TRX could be a way out for some crypto prospects. Sun used the following expressions in his tweet:
We will do everything we can to protect our users, including offering a 1:1 ratio of all your #TRX, #BTT, #JST, #SUN, #HT assets on the FTX platform.
Sun offers a solution proposal for FTX
In the morning, Sun announced that they are working to offer a “solution” for the bankrupt FTX. He noted that the ongoing liquidity crunch is “similarly detrimental to the development of the industry and to investors.” Binance founder Changpeng Zhao previously said that by acquiring FTX, they could fix the problem. However, this agreement was terminated after the review of FTX’s “books”.
sun; It wants to end the bottleneck for investors holding Tron-based assets like BTT and SUN, as well as Huobi’s native HT tokens. The move allows major traders to liquidate some of their holdings while increasing their sentiment for the Tron ecosystem. As a result, trading of TRX and related assets resumed on FTX in the morning on Thursday. Prices went above $2.5. Prices corrected hours after Sun’s tweet. Still, it still trades at a 400 percent premium compared to other exchanges.