NewsletterTRX Prices Jump 7% After Tron Buys This Stablecoin At A Discount
Amid the current market dump, every cryptocurrency is trying to hold its fort. In this bid, many crypto leaders are moving the funds to ensure the stability of their network’s tokens. TRON Founder Justin Sun recently announced a $2 Billion reserve to shield its native token TRX amid Terra’s historic crash.
TRON buys $98 million worth of USDT
The TRON DAO Reserve, which backs its stablecoin USDD, announced a protective measure. It declared that they have bought around 100 million Tether (USDT) at an average price of $0.982. It cost them just $98.2 million. TRON just bought the dip.
USDT is the largest dollar pegged stablecoin which crashed down by 4.8% to $0.95. This is the lowest it went since the 2017 cryptocurrency crash. However, the USDT has recovered to the price mark of $0.99 in a few hours. It is down by 0.78% in the last 24 hours.
TRX token has benefited from this trade as its price surged by over 7% just after the announcement. TRON token is trading at an average price of $0.07, at the press time. Its 24 hour trading volume is up by 30% to $4.2 Billion. TRX has been possibly one coin that has somehow survived the crash with the green indexes. The TRON token has managed to surge by 17% in the last 30 days while Bitcoin has declined by 30%.
TRON adds $400 million worth of supply to USDC and TUSD
TRON Network also declared to increase the $400 million supply of USDC and TUSD on TRON within the 2 hours. The increase will be $200 million each for both stablecoins. Earlier, in order to safeguard the crypto market, TRON DAO Reserve also bought over $97 million worth of TRX tokens. The purchase was made at an average price of $0.0661. TRON has also added 1,00 Bitcoins at an average price of $30,096 to ensure the stability of the market.
According to WhaleStates, over $20.9 million worth of TRX tokens were sent from the Binance crypto exchange to multiple different wallets.
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