TRON (TRX) Prices Jump 11% On Stablecoin Hype
The TRON (TRX) token is the biggest gainer among top cryptocurrencies in the past 24 hours, ahead of the launch of a new stablecoin.
The TRX token price has surged by over 11% in the last 24 hours. The token has led a mild recovery in crypto markets, as Bitcoin (BTC) also rose 1.5% in the past 24 hours.
TRON stablecoin on the verge of launching
TRX prices are riding high over launch anticipation of TRON network’s own Stablecoin, USDD. The Tron foundation has created a DAO Reserve which it claims to be the blockchain industry’s first decentralized reserve. The fund will back the USDD’s development. While the reserve will aim to shield the crypto market, and prevent financial crises and economic downturns.
Tron announced that Justin Sun, the founder of TRON, will be going live stream on May 5th for the much anticipated rollout of the USDD token. In the beginning, the TRON DAO Reserve will be in charge of permissions of USDD to give price stability.
The TRX token has broken into the tally of the largest 20 cryptocurrencies. It has a total market capitalisation of over $8 billion. The TRON token is trading at an average price of $0.0778, at the press time. TRX’s 24 hour trading volume has spiked by 52% to $2.1 billion.
TRX token prices have surged enough to surpass any major cryptocurrency’s gain. The TRON prices have skyrocketed by more than 25% in the last 7 days. Most of the TRON ecosystem tokens have shown similar growth. The Tron Ecosystem’s tokens cumulatively are up by over 4% in the last 24 hours.
Whales moving TRX get more profits
Meanwhile, major Ethereum Whales have moved over $29 million worth of TRX tokens from Binance Crypto Exchange to an unknown wallet in the last 24 hours.
This move suggests that whales are waiting to book more profits. However, a whale just transferred more than $6.4 million worth of TRON tokens from an unknown wallet to the FTX platform.
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