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Tron (TRX), the native token on the namesake blockchain vastly outperformed a crypto market crash in the past 24 hours, amid hype over a new stablecoin.
The main reason behind the token’s rally was the purchase of about 504.6 million TRX by Tron’s new stablecoin reserve. The purchase happened on the open market, and as such, was inflationary for the token.
TRX is up about 6% in the past 24 hours, at $0.08443. In comparison, the crypto market sank 0.7% in the same period.
Tron buys more TRX to support new stablecoin
The TRON DAO Reserve– which backs the new stablecoin USDD- said it bought $38.99 million worth of 504.6 million TRX tokens. It mentioned that they have taken this step in order to safeguard the overall blockchain industry and crypto market.
Tron’s recently launched stablecoin USDD has surpassed the total circulating supply of $200 million. The USDD token has managed to reach this milestone in just 48 hours. It 24 hours trading volume surged by 30% to $18.2 million.
A bulk of this adoption seems to be driven by USDD’s 30% yield- the highest offered by any stablecoin on the market.
Tron Dao Reserve said that due to the rapid adoption of USDD the network will be approving 1 Billion more tokens in the next 10 days. However, it also informed that getting the allowance doesn’t assure the issuance or circulation of the token. Meanwhile. USDD’s total market capitalization has jumped 58% in the last 24 hours
TRX is up by 30% in last 7 days
Justin Sun’s recent announcements and launch of the USDD stablecoin have helped the TRX token to surge amid the recent crypto market crash. TRX’s price has skyrocketed by almost 30% in the past 7 days, while when the largest cryptocurrency Bitcoin (BTC) has tumbled by over 7%. Meanwhile, TRX’s 24 hour volume is up by over 20% to $3.6 Billion. According to CoinMarketCap, TRX is the 18th largest token with a total market capitalization of $8.36 billion.
Meanwhile, the Whale Alert has reported that in multiple transactions whales have moved TRX tokens from Binance to the different unknown wallets. In the past 24 hours, more than $96.4 million worth of TRX tokens have been moved. There are 4 different transactions recorded above $14 million. While the biggest transaction record has been over of $15.4 million.
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