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While XRP has been sweeping the market with its unstoppable rise in recent days, many altcoins are expected to be next in line.
At this point, Tron (TRX) founder Justin Sun stated in his posts that TRX would be the next XRP and what he said came true.
TRX has increased by 70% in the last 24 hours and reached $0.40. While this rise of TRX made a big impact on the market, it is thought that the TRX rally is due to political instability in South Korea.
As is known, according to the news received yesterday evening, South Korean President Yoon Suk-yeol declared a state of emergency for the first time in 40 years.
Evaluating the rise in Tron, BTC Markets analyst Rachael Lucas attributed the rise to the political turmoil and events in South Korea.
Lucas noted that TRX is widely used to transfer funds between exchanges in the country, and that trading restrictions on Korean platforms due to political unrest may have prompted investors to move their assets to other exchanges, which in turn may have increased demand for TRX.
“The recent rally in Tron (TRX) appears to be partly due to political instability in South Korea.
TRX’s role as a widely used transfer token across exchanges, particularly in South Korea, makes it a widely used tool for investors looking to move funds quickly between platforms. This has increased demand and price.”
Presto Research analyst Min Jung also noted that political events in South Korea may have contributed to TRX’s rise, but it is unlikely to be the sole reason.
He said that this surge in Tron is part of a broader bullish trend, with legacy cryptocurrencies like XRP experiencing cyclical gains and tokens like IOTA and VET also seeing recent increases.
*Not investment advice.