Announcement for TRX Traders
The world’s largest crypto exchange, Binance, will be performing wallet maintenance for the Tron Network on October 10. During this one-hour process, deposits and withdrawals will be unavailable, but trading will not be impacted.
Binance assures that services will be resumed once the process is completed.
“The trading of token(s) on the aforementioned network will not be impacted. Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the network is deemed to be stable.”
Users should take any information they come across on the Internet with a grain of salt, as there will be no further announcement on the matter.
This is not the first time Binance has performed such maintenance. In September, it conducted wallet maintenance for BNB Smart Chain (BEP20), temporarily halting deposits and withdrawals on the network.
TRX’s Impressive Performance This Year
Tron’s native token, TRX, has experienced a rapid price increase in the past several months and is up 60% year-to-date (YTD). In August, it hit a three-year high of almost $0.17 before slightly retracing to its current $0.16 (per CoinGecko’s data).
TRX is among the most-profitable cryptocurrencies for holders. According to IntoTheBlock, nearly 99% of its total investors are currently sitting on some paper profits. A little over 1% are break even, while nobody is underwater.
The Tron ecosystem has also witnessed a general resurgence, with thousands of meme coins launched on SunPump, a platform associated with Justin Sun that enables users to create memes in minutes. The largest such tokens in terms of market capitalization are Sundog (SUNDOG) and Tron Bull (BULL). Earlier this summer, they experienced a substantial rally. However, SUNDOG and BULL have lost momentum in the past several weeks and are currently trading far below their peaks.
Conclusion:
TRX has been on a significant run, with its price increasing by 60% in the past year. While its price may be subject to fluctuations, it remains an attractive option for investors seeking to diversify their portfolios. The wallet maintenance on October 10 will provide an opportunity for Binance to improve the Tron Network, and we expect trading to resume smoothly after the process is completed.
FAQs:
Q: What is happening to the Tron Network on October 10?
A: Binance will be performing wallet maintenance for the Tron Network on October 10, during which deposits and withdrawals will be unavailable.
Q: Will trading be impacted?
A: No, trading of token(s) on the Tron Network will not be impacted.
Q: What should I do with my TRX holdings during the maintenance?
A: Users are advised to wait until the maintenance is complete before conducting any transactions with their TRX holdings.
Q: Will there be any further announcements on the matter?
A: No, Binance will not provide any further announcements on the matter.
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