{"id":508487,"date":"2022-11-15T23:00:59","date_gmt":"2022-11-15T23:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=508487"},"modified":"2022-11-15T11:28:07","modified_gmt":"2022-11-15T11:28:07","slug":"trx-surges-over-600-following-justin-suns-deal-with-ftx","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tron-trx\/trx-surges-over-600-following-justin-suns-deal-with-ftx\/","title":{"rendered":"TRX Surges Over 600% Following Justin Sun\u2019s Deal With FTX"},"content":{"rendered":"

Tron\u2019s native token TRX has been seeing significant upside on the FTX exchange since the announcement of a potential deal that would allow users to withdraw funds. This deal is one of the only ones that have gone into effect since FTX began experiencing issues and it seems users are already taking advantage of it. However, it is not all rosy as users begin to notice the downside to this.<\/p>\n

TRX Price Explodes On FTX<\/h2>\n

TRX token is already up more than 500% on the FTX crypto exchange<\/a> over the last week on the FTX exchange. Tron founder Justin Sun had seemingly worked out an agreement with the troubled exchange to allow users to swap their crypto currently stuck on the platform for TRX tokens and then withdraw it.<\/p>\n

Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum<\/a><\/div>\n

This would obviously make it possible for users to swap digital assets such as bitcoin, ethereum, etc, to TRX, and then proceed to withdraw it, making it possible for them to withdraw previously stuck funds from FTX. It has naturally become a popular option for FTX users, causing the price of the digital asset to balloon on the exchange.<\/p>\n

In just 24 hours following the announcement, TRX\u2019s price was already up significantly. While the token\u2019s price remained relatively low on all other exchanges, it had traded to a high of $0.43 on the FTX exchange. Compared to the $0.05 price mark that is the case across all other exchanges, it is trading at a 600% premium on FTX.<\/p>\n

\"TRON<\/p>\n

TRX price spikes on FTX | Source: TRXUSD on TradingView.com<\/a><\/pre>\n

There has been some fluctuation in the price since the token hit this new high on the platform. However, the price still remains high at\u00a0 <\/span>$0.43 at the time of writing, with trading volumes already exceeding $630 million in a 24-hour timeframe.<\/p>\n

Not A Good Deal<\/h2>\n

At first, converting digital assets to TRX on the FTX exchange in order to withdraw looked like a good idea, but that only lasted as long as prices on the exchange correlated with the broader crypto market. As the price of TRX inflated on the FTX exchange, the value that users were getting when they swapped their tokens quickly plummeted.<\/p>\n

With TRX being 500% above market price on FTX, it means that the exchange\u2019s users would only be getting about 20 cents on the dollar when they swap. This is because after withdrawing TRX from FTX, they would still have to swap the tokens at current market prices.\u00a0<\/span><\/p>\n

To put this in perspective, say someone has $10,000 worth of bitcoin and swapped it to TRX at $0.43 (current prices), they would get around 38,570 TRX. When they withdraw and move to other exchanges for sale, taking the current price on Coinmarketcap of $0.05, they would have only $1,162 after selling. This translates to roughly 12 cents on the dollar.<\/p>\n

Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap?<\/a><\/div>\n

Meanwhile, Tron is making bank buying these digital assets for cheap as they are the only ones allowed to transfer TRX into FTX. At the current rate, they will be seeing millions of dollars in profit, presumably giving FTX a healthy cut of the proceeds.<\/p>\n

What this shows is that it is the end users that always get screwed over in times like these. Even deals that seem to be \u201chelpful\u201d turns out just to be another way to exploit users who are already in a vulnerable position from the exchange\u2019s collapse.\u00a0<\/span><\/p>\n

Featured image from Medium, chart from TradingView.com<\/pre>\n

Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Tron\u2019s native token TRX has been seeing significant upside on the FTX exchange since the announcement of a potential deal that would allow users to withdraw funds. This deal is one of the only ones that have gone into effect since FTX began experiencing issues and it seems users are already taking advantage of it. However, it is not all rosy as users begin to notice the downside to this. TRX Price Explodes On FTX TRX token is already up more than 500% on the FTX crypto exchange over the last week on the FTX exchange. Tron founder Justin Sun had seemingly worked out an agreement with the troubled exchange to allow users to swap their crypto currently stuck on the platform for TRX tokens and then withdraw it. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum This would obviously make it possible for users to swap digital assets such as bitcoin, ethereum, etc, to TRX, and then proceed to withdraw it, making it possible for them to withdraw previously stuck funds from FTX. It has naturally become a popular option for FTX users, causing the price of the digital asset to balloon on the exchange. In just 24 hours following the announcement, TRX\u2019s price was already up significantly. While the token\u2019s price remained relatively low on all other exchanges, it had traded to a high of $0.43 on the FTX exchange. Compared to the $0.05 price mark that is the case across all other exchanges, it is trading at a 600% premium on FTX. TRX price spikes on FTX | Source: TRXUSD on TradingView.com There has been some fluctuation in the price since the token hit this new high on the platform. However, the price still remains high at\u00a0 $0.43 at the time of writing, with trading volumes already exceeding $630 million in a 24-hour timeframe. Not A Good Deal At first, converting digital assets to TRX on the FTX exchange in order to withdraw looked like a good idea, but that only lasted as long as prices on the exchange correlated with the broader crypto market. As the price of TRX inflated on the FTX exchange, the value that users were getting when they swapped their tokens quickly plummeted. With TRX being 500% above market price on FTX, it means that the exchange\u2019s users would only be getting about 20 cents on the dollar when they swap. This is because after withdrawing TRX from FTX, they would still have to swap the tokens at current market prices.\u00a0 To put this in perspective, say someone has $10,000 worth of bitcoin and swapped it to TRX at $0.43 (current prices), they would get around 38,570 TRX. When they withdraw and move to other exchanges for sale, taking the current price on Coinmarketcap of $0.05, they would have only $1,162 after selling. This translates to roughly 12 cents on the dollar. Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap? Meanwhile, Tron is making bank buying these digital assets for cheap as they are the only ones allowed to transfer TRX into FTX. At the current rate, they will be seeing millions of dollars in profit, presumably giving FTX a healthy cut of the proceeds. What this shows is that it is the end users that always get screwed over in times like these. Even deals that seem to be \u201chelpful\u201d turns out just to be another way to exploit users who are already in a vulnerable position from the exchange\u2019s collapse.\u00a0 Featured image from Medium, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":508526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83383],"tags":[71704,87363,11808,11993,86464,14262,79579],"class_list":["post-508487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tron-trx","tag-ftx","tag-ftx-collapse","tag-tron","tag-trx","tag-trx-price","tag-trxusd","tag-trxusdt"],"acf":[],"yoast_head":"\nTRX Surges Over 600% Following Justin Sun\u2019s Deal With FTX<\/title>\n<meta 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TRX Surges Over 600% Following Justin Sun\u2019s Deal With FTX","url":"http:\/\/wncen.com\/news\/tron-trx\/trx-surges-over-600-following-justin-suns-deal-with-ftx\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/tron-trx\/trx-surges-over-600-following-justin-suns-deal-with-ftx\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/TRON-TRX.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/TRON-TRX.png?fit=960%2C637"},"articleSection":"Tron","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ftx","ftx collapse","tron","trx","trx price","trxusd","trxusdt"],"dateCreated":"2022-11-15T23:00:59Z","datePublished":"2022-11-15T23:00:59Z","dateModified":"2022-11-15T23:00:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TRX Surges Over 600% Following Justin Sun\\u2019s Deal With FTX\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/tron-trx\\\/trx-surges-over-600-following-justin-suns-deal-with-ftx\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/tron-trx\\\/trx-surges-over-600-following-justin-suns-deal-with-ftx\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/TRON-TRX.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/TRON-TRX.png?fit=960%2C637\"},\"articleSection\":\"Tron\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ftx\",\"ftx collapse\",\"tron\",\"trx\",\"trx price\",\"trxusd\",\"trxusdt\"],\"dateCreated\":\"2022-11-15T23:00:59Z\",\"datePublished\":\"2022-11-15T23:00:59Z\",\"dateModified\":\"2022-11-15T23:00:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/TRON-TRX.png?fit=960%2C637","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=508487"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/508526"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=508487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=508487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=508487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}