TRX Prices Jump 7% After Tron Buys This Stablecoin At A Discount

By Ashish Kumar
May 12, 2022 Updated May 12, 2022
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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.

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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