Tron’s native token TRX/USD has surged as much as 400% in just one day, as users struggle to withdraw funds from crypto exchange FTX FTT/USD.
What Happened: This comes as an aftermath of the deal struck between H.E. Justin Sun, the founder of TRX and Sam Bankman-Fried, the co-founder of FTX. The deal allows holders of Tron-based assets such as TRX, BitTorrent BTT/USD, JUST token JST/USD, and Sun token SUN/USD to swap assets from FTX to external wallets.
At the time of writing, TRX was trading at $0.056, according to CoinMarketCap. However, the same token was trading at $0.29 on FTX. This means traders are paying high prices just to withdraw their funds from FTX.
BitTorrent, JUST and the Sun Token are trading on the exchange at premiums ranging from 625% to 1,200% compared to the market price.
Price Action: FTT is currently trading at $3.21, up 42% at the time of writing, according to Benzinga Pro.
Image and article originally from www.benzinga.com. Read the original article here.