Analysis: TRX's recent rise may be partly affected by South Korea's political instability

Rachael Lucas, a cryptocurrency analyst at BTC Markets, said: "The recent rise of Tron (TRX) seems to be partly influenced by the political instability in South Korea. TRX is a widely used transfer token between exchanges, especially in South Korea, which makes it a tool for traders who want to quickly transfer funds across platforms." Lucas said that Upbit's trading restrictions may prompt traders to find alternative solutions for asset transfers, thereby increasing TRX's trading volume. Upbit sometimes has more than 80% of the country's spot trading volume. Meanwhile, Min Jung, an analyst at Presto Research, said that while political events may have played a role in Tron's rise, the rise is unlikely to be driven entirely by the event. "This may also be part of a broader 'Dino rotation', where traditional cryptocurrencies like XRP have been rising under current market conditions," Jung said. (The Block)