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Despite the deep red market, Tron keeps on making news as Binance announces support for its token migration as the Tron independence comes closer. Tron price has dropped dramatically, however, it doesn’t require panic mode.
Binance supports Tron through its independence
As the day of Tron’s independence comes closer, the cryptocurrency is making frequent announcements of listings and partnerships. The CEO and founder of Tron, Justin Sun keeps on updating about this upcoming day through his countdown tweets.
#TRON Independence Day Countdown: 13 days, 13 hours, 59 minutes, 5 seconds! #TRONSR $TRX #TRX
— Justin Sun (@justinsuntron) June 11, 2018
Just after 13 days, with the token swap, Tron would finally move to its own blockchain. Now, Binance has announced its full support for the swap by announcing:
“Binance will support the Tron (TRX) Mainnet Token Swap and will suspend withdrawals for Tron (TRX) starting from 2018/06/24 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding TRX.”
Justin took to Twitter to share the news.
@binance will support #TRON permanent token migration and it already added TRX/USDT. Happy trading!? https://t.co/pN01PbWCQe
— Justin Sun (@justinsuntron) June 11, 2018
The official announcement further states,
“Please note that even after the TRX Mainnet comes online, if you choose to deposit ERC20 TRX tokens into your Binance account, we will continue to complete the token swap for you.”
Moreover, Binance has also opened the trading for TRX/USDT pair. This will further add more liquidity to the Tron cryptocurrency. This certainly has the Tron community elated as they shared their sentiments with the comment like “finally” and further hoping for Tron price to get a hike.
Also, read: EOS Coin MainNet Launch a Go, Excited Bulls Banging the Door
Tron price drops severely, But…
The cryptocurrency market is in deep red right now so much so that billions have been lost. Tron is among the top coins that are down the most.
According to the Coinmarketcap, TRX price is currently at $0.0466 with a loss of 12.62 percent in the last 24 hours. With a market cap of $3 billion, the daily trading volume of Tron is $65 billion. Tron is also in the red against BTC and ETH trading pairs. It is currently ranked at 10th position.
The investigation by US regulator into bitcoin manipulation in which they have asked exchanges like Coinbase and Bitstamp to hand over the trading details is speculated to be one of the reasons for the price dips.
Also, the hacking of South Korean exchange Coinrail also played a part in this in which Tron cryptocurrency was also affected reportedly.
However, despite being a bearish market, this is not something to be panicked over as this trend is not expected to last for long. Also, the crypto market has a history where it has gone through extended and dramatic bearish market only to get back to normal not long after.
With so many good news surrounding Tron with the upcoming independence and several listings along with partnerships, it remains one of the most active cryptocurrencies.
What are your views on the added liquidity by Binance? Share your thoughts with us!
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