Tron (TRX) Overtakes Shiba Inu In Value On This Key Reason
Tron’s native token, TRX, has now overtaken Shiba Inu (SHIB) to become the 14th-largest cryptocurrency by market value.
The Tron Ecosystem has thrived to become the biggest gainer surviving the recent crash. Proactive steps taken by their team have proven to be worked for them. The TRON chain has registered a significant gain in its total locked value (TVL) over the past month. Its TVL has surged by over 33% to stand at $5.5 Billion.
TRX prices up by 30% over last 30 days
Tron’s native token TRX and stablecoin USDD have come out to be the top choices of investors. In the last 30 days, when the biggest cryptocurrencies saw a freefall, the TRX token prices surged by over 30%. Meanwhile, Bitcoin (BTC) is down by 22% at the same time. In order to support this surge, Tron reported a burn of $39.09 million worth of 499.9 million TRX tokens.
Meanwhile, a similar transaction of sending $8.5 million worth of 106.5 million TRX tokens to an unknown wallet was recorded in the past 24 hours. However, it is not clear whether it was a burn transaction. As per the Tron Community, May 24, 2022, registered a burn of around 520.4 million tokens. TRX is trading at an average price of $0.08, at the press time. Its 24 hours trading volume has increased by 25% to stand at $1.6 billion.
TRX overtakes Shiba Inu
Tron’s stablecoin USDD is trying to grab the opportunity to fill the gap opened due to the collapse of TerraUSD. Within the first month of its launch, the total supply of USDD surpassed 543 million. Its 24 hour trading volume stands at $105 million.
Tron’s recent success is helped the TRX token to overtake the second largest meme cryptocurrency, Shiba Inu. TRX has become the 14th largest crypto with a market capitalization of $7.69 Billion. SHIB has consistently lost its value since the beginning of the year. Shiba Inu has slid to the 16th spot with a market cap of $6.3 Billion.
Earlier, TRON DAO Reserve informed that they have secured the $82.3 million worth of Bitcoin, $181.6 million worth of TRX tokens and $295 million worth of USDT among others.
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