Important Binance Announcement Concerning Tron (TRX) Holders: Details

TL;DR

• Binance will pause deposits and withdrawals on the Tron Network on October 10 for scheduled maintenance.
• TRX is up 60% this year, with most holders in profit.

Announcement for TRX Traders

The world’s largest crypto exchange will perform wallet maintenance for the Tron Network on October 10. The effort is supposed to take approximately one hour, during which TRX deposits and withdrawals will be unavailable. Binance assured that services will be resumed once the process is wrapped up:

“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.”

It also said there will be no further announcement on the matter, meaning users should take any information they came across on the Internet with a grain of salt. 

The company conducted multiple similar initiatives this year. In September, it performed wallet maintenance for BNB Smart Chain (BEP20), temporarily halting deposits and withdrawals on the network. Prior to that, it briefly ceased some services with TON due to carrying out an upgrade on The Open Network.

TRX’s Impressive Performance This Year

Tron’s native token has experienced a rapid price increase in the past several months and is up 60% year-to-date (YTD). Moreover, it hit a three-year high of almost $0.17 at the end of August before slightly retracing to its current $0.16 (per CoinGecko’s data).

TRX Price, Source: CoinGecko

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.

Additionally, Tron’s ecosystem 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.