Binance to Suspend TRX Deposits and Withdrawals for One Hour on October 10 Due to Wallet Maintenance

The world's largest crypto exchange will perform wallet maintenance for the Tron Network on October 10.

Binance will carry out Tron Network wallet maintenance on October 10 for about an hour, rendering TRX deposits and withdrawals unavailable.

However, the exchange noted that token trading on the network will not be affected, and both deposits and withdrawals will resume once the network stabilizes.

Binance also stated that there will be no further announcements on the matter, advising users to treat any information encountered online with skepticism.

This year, the company has undertaken several similar initiatives. In September, Binance 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.

Tron’s Native Token Surges 60% YTD

Tron’s native token has seen a rapid price increase this year, 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 price of $0.16 (according to CoinGecko).

TRX is also one of 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 breaking even, while nobody is underwater.

Tron’s ecosystem has also seen a resurgence, with thousands of meme coins being 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 massive rally. However, SUNDOG and BULL have lost momentum in the past several weeks and are currently trading far below their peaks.

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