3X Long TRX Token price is $0.00101436
3X Long TRX Token (TRXBULL) is currently trading at $ 0.00101436, which has increased by +0.00% in the last 24 hours. It is essential for potential buyers or those tracking this asset to note that as a leveraged token, its price can be significantly volatile.
3X Long TRX Token (TRXBULL) is an ERC20 token designed for investors and traders who seek leverage exposure to the cryptocurrency TRON (TRX). This token aims to provide a return that corresponds to three times the daily return of TRON. If TRON's value rises by 1% within a day, the TRXBULL token is designed to increase by 3%. Conversely, if TRON’s price falls, the token will experience three times the decline in its value.
The 3X Long TRX Token was created by the team behind FTX, a cryptocurrency derivatives exchange. FTX specializes in providing trading products like futures, leveraged tokens, and other financial products related to cryptocurrencies.
The 3X Long TRX Token works by utilizing a daily rebalance strategy to maintain its leverage. It's an ERC20 token that operates on the Ethereum blockchain, adhering to the standard protocol for tokens to ensure compatibility with various wallets and exchanges. The token achieves its leveraged exposure to TRX through the use of derivatives like futures contracts in the background. This means that an investor doesn't have to deal with borrowing funds directly to gain leverage but instead can buy the TRXBULL token to attain a similar outcome.
Investing in 3X Long TRX Token offers the benefit of magnified profits if TRON experiences positive price movement. However, the inherent risk includes the possibility of amplified losses if TRON’s price moves in the opposite direction, given its leverage aspect. Traders should be aware that leveraged tokens are more suited for short-term trading due to the impact of daily rebalancing that can lead to decay in value over longer periods, especially in volatile markets.
The market performance of 3X Long TRX Token, including its current price, market capitalization, and trading volume, can be tracked on cryptocurrency tracking websites and through the FTX exchange itself. Its liquidity and price may also be affected by the overall health and trends of the cryptocurrency market.
The circulating supply of 3X Long TRX Token may vary as it's based on the demand and the rebalancing mechanism of the fund backing the token. Due to the nature of leveraged tokens, the supply is not fixed as it might be with other tokens and can frequently change to adjust to the market conditions.
Interested parties can purchase 3X Long TRX Token (TRXBULL) on several cryptocurrency exchanges. It is primarily available on the FTX platform and might be found on any other exchanges that support ERC20 tokens providing leveraged trading solutions. Buyers should conduct due diligence and trade on reputable exchanges to ensure security and compliance.
Like any ERC20 token, the 3X Long TRX Token can be stored in a compatible Ethereum wallet. Both software wallets (like Metamask) and hardware wallets (like Ledger or Trezor) support ERC20 tokens. However, given the nature of leveraged tokens and their intended short-term use, many traders may choose to keep them on the exchange for trading purposes. It should be noted, storing funds on exchanges carries risks, and thus, it's recommended to use secure storage solutions and practice safe trading habits.
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