Tron (TRX) rises to rank 9, spikes 18% over the week

Tron (TRX) spiked around 18 % over the week, as it prepared for the token migration. According to CoinMarketCap, TRX has overtaken IOTA.

It did not see a surge in price after the MainNet launch as it was expected by many. In fact, it went just the opposite. It was followed by several promotional events and campaigns. It was the effort of Justin Sun and his team that the coin reached this position. Currently, the market cap of TRX $3.289 billion, while IOTA is at $3.262. The MainNet token migration is here and is getting support from various exchanges such as Bitbns, Bibox, Binance, Bitfinex, Bitopro, Bitforex, Bittrex, Coinegg, Coinrail, Huobi, and more.

Token Migration

Currently, the tokens TRX supporters hold are ERC20 tokens which were created on the Ethereum network. They will not be compatible with the new platform. So, this swapping is important. The migration from ERC20 to the TRON20 standard, a native coin for the Mainnet. The swap will be 1:1. After the migration, it will achieve full independence from the Ethereum network. According to Tron’s website, “TRON main net will officially become independent on June 25, 2018, Singapore time. In light of main net updates and TRX migration, ERC20 services for TRON Official Website will be discontinued…ERC20 withdrawal services for TRON Official Website will end on June 22, 2018, 12:00 Singapore time.”

Related Article: Tron (TRX) acquires BitTorrent, Litecoin’s Charlie Lee compares purchase to AOL-TimeWarner

All exchanges have their own timelines as to until when they will be accepting deposits for the June 24 token migration. However, in case, users fail to exchange the tokens before June 24, Binance will continue to offer coin swapping for TRX tokens. Token holders can just transfer ERC20 Tron tokens to Binance and the process will be completed by them. For now, this service is being offered only by Binance. After the token swap completes, the users may keep their new TRX coins on the exchange or move them to the wallet, or to any other device used for token storage.

According to AMBCrypto report, Tron got the support of the top influencers such as John McAfee, and the publication of its odyssey in different languages is also one of the prime reasons for all the fame the coin received all over the globe.

Image via Shutterstock

Join our Telegram group

BCFocus