Tron (TRX) Surges Over 80% to $0.44 Amid South Korean Political Instability
Tron #TRX, the native token of Justin Sun's Tron network, experienced a significant rally exceeding 80% within 24 hours. This surge coincides with a broader rebound in the crypto market and follows political turmoil in South Korea, known for its active retail cryptocurrency market.
The Tron (TRX) Price Spotlight
At the time of writing, TRX traded at $0.3797, reflecting a 65.03% increase in 24 hours. The price peaked at over $0.4406 before stabilizing.
Many users on X attribute this increase to the political situation in South Korea, where President Yoon Suk-yeol declared emergency martial law for the first time in over 40 years, later rescinded after lawmakers opposed it.
Rachael Lucas, a BTC Markets crypto analyst, noted: “The recent rally in Tron (TRX) appears to be partly driven by political instability in South Korea.”
She also mentioned that TRX serves as a popular transfer token between exchanges, facilitating quick fund movements for traders amid uncertainty. As a result, demand for TRX surged, leading to a trading volume increase of over 540%, totaling $15.11 billion in 24 hours.
According to CoinMarketCap data, this trading volume ranks TRX among the top five most traded altcoins. Although the sustainability of this growth is uncertain, Tron has recorded a Year-to-Date (YTD) gain of 265%.
Altcoins Join the Uptrend
While Bitcoin #BTC has led the recent uptrend, many altcoins are following suit. Binance Coin #BNB reached a new all-time high (ATH) of $779.05, rising over 19.65% in 24 hours.
PancakeSwap recently launched Springboard, a platform for creating and launching tokens on BNB Chain, aiming to compete with Solana’s Pump.Fun. This could further boost demand for BNB, potentially driving prices higher.
XRP #XRP has outperformed the market with a 30-day gain of 417%. Despite being down 31.21% from its ATH of $3.84, there is optimism within the community about XRP reclaiming its historic high soon.