Coinciding with the decline of Bitcoin, the cryptocurrency, you can see TRX shining…Here’s the reason!
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Answer Coinciding with the decline of Bitcoin, the cryptocurrency, you can see TRX shining…Here’s the reason!
The digital currency Tron (TRX), has emerged remarkably in the recent period despite the significant decline recorded by the crypto market in general in the past 24 hours.
What is the reason for the rise in the price of the digital currency Tron TRX?
The main reason for the rise of the TRX cryptocurrency is the purchase of about 504.6 million TRX by the new stablecoin reserve from Tron.
The buying took place on the open market, and as such, the volume of demand was evident and positively affected the price of the currency.
The TRX cryptocurrency is up about 6% in the past 24 hours, and is currently trading at $0.08427.Read:Ethereum Deposit Contracts Ethereum 2.0 Reaches a New Milestone
In comparison, the cryptocurrency market sank 0.7% in the same period.
Tron buys more TRX to support its new stablecoin:
The TRON DAO Reserve, which supports the new stablecoin USDD, told that it had purchased $38.99 million worth of TRON coins.
They stated that they took this step in order to protect the overall blockchain industry and the crypto market.
The recently launched Tron USDD digital stablecoin has a total market cap of more than $200 million.
The USDD coin managed to reach this milestone in just 48 hours.
The 24-hour trading volume increased 30% to $18.2 million.
The bulk of this adoption appears to be driven by the high USDD yield of 30%, which is the highest return offered by any stablecoin on the market.
It told Tron Dao Reserve that due to the rapid adoption of USDD, the network will approve an additional 1 billion tokens in the next 10 days.
It also reported that obtaining the swing does not guarantee the issuance or circulation of the USDD digital token.
The recent announcements from Justin Sun and the launch of the stablecoin USDD helped push the price of TRX cryptocurrency higher amid the recent crash of the cryptocurrency market.Read:Victims of the Mt. Gox cryptocurrency exchange can now get some of their money back
The price of TRX has increased by almost 30% in the past seven days, while the price of the largest cryptocurrency has fallen by more than 7%.Read:After a long wait … Facebook announces the date for the availability of the digital currency “Libra”
Meanwhile, TRX’s 24-hour volume rose more than 20% to $3.6 billion.
According to CoinMarketCap, TRX is the 17th coin by total market capitalization estimated at $8.4 billion.
Meanwhile, the “Whale Alert” account reported that in multiple transactions, whales transferred TRX coins from Binance to various unknown wallets.
In the last 24 hours, more than $96.4 million in TRX coins have been transferred.
There are 4 different transactions recorded above 14 million dollars.
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