FTX is a renowned name in the crypto market.
The TRX token price has undergone an interesting change over the past week. While many investors are still buying up the cryptocurrency, there is also a significant amount of panic selling happening due to a series of events that have caused some confusion in the market.
According to data from CoinMarketCap, the price premium on the FTX tokens has been growing and reached roughly 1200 percent for the TRXB token — equivalent to around $1,448 per TRX token.
FTX Users Worried
The FTX platform was launched earlier this month by Tron, a blockchain-based entertainment content-sharing platform. It is designed to be an open-source protocol that will allow users to create their own blockchain-based applications.
In order to use FTX tokens, users need to purchase them first with fiat money or cryptocurrencies such as bitcoin (BTC), ether (ETH) or TRON (TRX).
However, the withdrawal restrictions have not yet been lifted for those who have already bought TRON-based tokens, so many traders are stuck with their current positions.
While it is understandable that some may be worried about the situation, one thing to remember is that these restrictions are only temporary and will be lifted soon. This is not a sign of market manipulation or any other problem with TRX itself; it just reflects an effort by Binance to prevent people from manipulating the market.
Tron (TRX) is still a good investment. It remains one of the top ten cryptocurrencies by market cap and it’s trading at a premium to Ethereum (ETH), despite the recent announcement that withdrawals are temporarily suspended.
The price of TRX is still very attractive compared to its peers, and so we recommend investors to stay bullish on the coin. We believe that this premium will eventually fade away once the withdrawal restrictions are lifted for all FTX users.
