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ToggleTRON and Justin Sun concept tokens surge across the board by 80%
According to CoinMarketCap data, the native token of the TRON (TRX) ecosystem surged over 80% to a high of $0.43 in the past day. At the same time, many tokens related to TRON and its founder Justin Sun also saw significant spikes. For example, the DeFi protocol tokens Just (JST) and Sun Token (SUN) in the TRON ecosystem both rose about 50%, HTX rose 40%, and even the meme coin Sundog briefly broke above $0.2.
Why are TRON and Justin Sun concepts soaring?
According to a report by The Block, some have attributed TRON's sudden surge to the political turmoil that occurred in South Korea that evening.
Rachael Lucas, a cryptocurrency analyst at BTC Markets, said:
"The recent rise in TRON (TRX) seems to be partly driven by the political upheaval in South Korea. As a widely used transfer token across exchanges, especially in South Korea, TRX has become a tool for traders to quickly move funds."
Additionally, Lucas pointed out that Upbit once accounted for over 80% of the spot trading volume in South Korea, and if trading is restricted, it may drive traders to seek other solutions, thereby increasing the trading volume of TRX.
On the other hand, analyst Min Jung from Presto Research told The Block that while this political event may have had some impact on TRON's rally, it is unlikely to be the sole reason.
"This could also be part of a broader 'Dino Rotation' phenomenon, where traditional cryptocurrencies like XRP have also been rising recently under current market conditions."
Other tokens traditionally considered as "dinosaur coins" like IOTA and VeChain have also shown an upward trend recently. Jung also mentioned that there are rumors in the market that most of TRON's supply is controlled by founder Justin Sun, which raises questions about whether this price surge is natural or influenced.
