Everyone Runs To That Altcoin As FTX Crashes: It Made 40x!

Tron network’s local TRX token is bouncing as FTX crashes. While the coin changed hands for 6 cents on other major 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 an analysis with the bankrupt FTX. However, according to many, this rise is related to the announcement of TRON founder Justin Sun to prevent the victims of some cryptocurrencies in FTX. According to experts, investors are piling on TRX thinking that the Tron founder will amortize some coins on a 1:1 basis. You can see how the value of TRX jumped in the FTX exchange in the chart below:

Koindeks.com As we reported, Sun announced that in case of a random 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 a random withdrawal process in FTX. But TRX could be a way out for some crypto prospects. Sun used the following words 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 assay recommendation for FTX

In the morning, Sun announced that they are working to offer a “solution” for the bankrupt FTX. He stated that the ongoing liquidity crunch is “likely harmful for the development of the sector and for investors.” Binance founder Changpeng Zhao previously said that by acquiring FTX, they could fix the problem. However, this agreement came to an end after examining the “books” of FTX.

sun; He wants to put an end to the thought for investors holding Tron-based assets like BTT and SUN, as well as Huobi’s native HT tokens. The breakthrough allows major traders to liquidate some of their holdings while increasing their vulnerability to the Tron ecosystem. As a result, trading of TRX and related assets resumed on FTX on Thursday morning. Prices rose above $2.5. Prices corrected hours after Sun’s tweet. Still, it still trades at a 400 percent premium compared to other exchanges.

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