Tron is leading the crypto market gains by surging about 18 percent as its independence day comes closer. OKEx has already announced the temporary suspension of TRX token deposit and withdrawal while Coinoah exchange has announced its support for blockchain upgrade and token migration. The shift to its own blockchain means, Tron blockchain would be running Dapps that might take this bull momentum to well over $1 price level.
Tron [TRX] up by over 18%
The greens are back and look like they are back for good. Well, for the time being, the majority of the cryptocurrencies are registering good gains. Bitcoin is up by almost 5 percent and crossed $6,700 mark while Ethereum price has spiked by almost 8 percent at $535. Similarly, other popular cryptocurrencies like Ripple, EOS and IOTA have surged by approximately 6%, 4% and 8% respectively.
However, the king of the market right now is Tron which is leading this race with highest gains. At the time of writing, TRX price has been up by 18.08 percent as per Coinmarketcap. Sitting at $0.0492, Tron has left everyone behind. Tron is one of the most active cryptocurrencies in the market. A day doesn’t pass when there isn’t a new update or development tweeted by its founder and CEO Justin Sun. Despite weeks of slow price momentum or a stagnant one, for that matter, finally, Tron is seeing good gains as the market surges in value.
Tron independence, Coinoah support & OKEx suspends deposit and withdrawal
Justin Sun just announced that the digital asset trading platform, Coinoah will be supporting the Tron blockchain upgrade and token migration.
— Justin Sun (@justinsuntron) June 19, 2018
A few hours back, the second largest cryptocurrency exchange OKEx which is managing the daily trading volume of over $1 billion, announced the temporary suspension of Tron deposit and withdrawal.
— OKEx (@OKEx_) June 19, 2018
The exchange has announced on its official blog that:
“The mainnet swap of TRON (TRX) will be performed on 20 June 2018. Users’ tokens will be automatically transferred to the new mainnet. TRX deposit and withdrawal of TRX will be temporarily suspended from 00:00 20 June 2018. The resumption time will be announced later once the stable operation of the mainnet is assured.”
Furthermore, the announcement notices that
“During the suspension, the existing deposit address of TRX will be discarded. Any TRX deposit to the old address will not be retrievable.” And “Upon completion of the mainnet swap, the system will generate a new TRX deposit address. Please use the new address instead of the old one to prevent any asset loss.”
Tron’s Independence day is looming on June 24th by which the TRX holder has to submit his/her tokens in an exchange. The migration will be taking place between the 21st and 24th of this month. On June 25th, the genesis block of Tron blockchain will be launched that will mark the complete independence of Tron from Ethereum’s blockchain. This would also mean, Tron blockchain will be able to run Dapps that might take TRX price to over $1 level.
What are your thoughts on the TRX price shooting up? Do you think once it gets independence it will be seeing an influx of Dapps? Share your thoughts with us!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]