TRON (TRX) Prices Rally 10% On This Bullish Signal

By Ashish Kumar
May 2, 2022 Updated May 2, 2022
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The TRON (TRX) token jumped as much as 10% on Monday after the number of accounts on the blockchain crossed a record 90 million.

The Tron Ecosystem also largely outperformed the broader crypto market over the past week, as majors such as Bitcoin (BTC) and Ethereum (ETH) declined. Anticipation of an upcoming stablecoin is a key driver of interest in the blockchain.

Tron users cross 90 million

The Tron network logged a major milestone on Monday. The team disclosed that total accounts on the TRON network have finally breached the 90 million mark.

It added that the network boasts more than 3 billion transactions as new people are joining the chain every day. Meanwhile, TRX’s 24 hours trading volume is up by over 30% to $1.81 Billion.

The Tron Ecosystem has topped the list of the best performing category of tokens in the past 24 hours. According to coinmarketcap, its ecosystems’ coins are cumulatively up by 51%. Recently, TRON announced that in order to support its ecosystem tokens they will invest $600 million in BTTC projects.

The TRX token is trading at an average price of $0.072, at the press time. TRX prices are also up 10% in the past seven days, in the run-up to the blockchain’s new stablecoin.

Tron stablecoin coming soon

TRX price is guided by founder Justin Sun’s recent announcement of its own stablecoin. It is being named USDD or Decentralized USD.

Sun revealed that they will be aiming to raise over $10 billion in liquid assets to maintain the USDD’s dollar value. Meanwhile, the Decentralized USD is about to be launched in just 3 days. The TRON network claims that USDD will drive stablecoins into a new era.  Tether (USDT) the largest stablecoin holds a total market capitalization of more than $83 Billion.

Terra’s UST- a more direct comparative for USDD, is worth about $18 billion.

According to Coinglass, over $2.56 million worth of TRX has been liquidated in the 24 hours. Meanwhile, Whale alert reported that some whales have moved more than $53.3 million worth of TRX tokens off exchanges in the last 24 hours, likely in a bid to lock-in profits.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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