TRX token rises 10% amid Ethereum network launch

TRON founder Justin Sun announced that the project’s native token TRX has become available on the Ethereum blockchain thanks to the BitTorrent bridge.

#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by leveraging the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023

“TRON (TRX) has expanded its reach by launching on the Ethereum blockchain via the BitTorrent bridge. With the address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, TRX is now fully accessible within the Ethereum ecosystem,” Sun wrote.

TRX rose 10% in 24 hours. The asset price surpassed the $0.08 mark.

According to CoinGecko, the token ranks 12th by market capitalization, with a market cap of nearly $7.6 billion.

On June 1, Sun announced that the daily number of transactions in the TRON network had hit a new record high, reaching 10,935,762.

Despite the crypto winter, #TRON continues to defy expectations, posting impressive growth. The network hit a new record high in daily transactions just yesterday, with a 10,935,762 transactions processed. pic.twitter.com/Unn45CCUvg

— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 1, 2023

“Despite the crypto winter, TRON continues to defy expectations, posting impressive growth. … The new milestone underscores growing popularity and broad use of the TRON protocol,” he wrote.

Sun said the team has set an “ambitious goal” for the coming year: to double the network’s transaction volume.

In April, the U.S. arm of the cryptocurrency exchange Binance announced the delisting of the TRX token from its platform, effective April 18, 2023.

In the same month, SEC filed suit against Sun following charges brought in March of an unregistered securities offering. The matter concerns the TRX and BTT tokens.