Tron (TRX) founder and Bittorrent (BTT) CEO Justin Sun said in a statement today that the new altcoin He talked about his investment.
As it is known, the Tron network had its own stablecoin called USDD. Promising an annual return of 30% for this stablecoin, Sun announced that it will offer the highest rate of return in the DeFi world with this rate.
Tron Founder Justin Sun Announces The Altcoin He Bought
In his statement on Twitter today, Sun said, Terra (Luna) network stablecoin TOP announced its purchase.
I am buying #TOP. 👀
— HE Justin Sun 🅣🌞🇬🇩 (@justinsuntron) May 8, 2022
The new USDD, an algorithmic stablecoin, is extremely similar to the Terra network’s UST token. However, UST’s promised rate of return currently hovers around 18%.
“I May Have a Secret Plan”
The purpose of Sun’s move is unknown. Terra founder Do Kwon gave a humorous reply, “What are you up to,” under the post where Justin Sun announced that he had purchased UST. Sun replied to Kwon’s message, “I may have a secret plan.”
Some users claimed that Justin Sun will deposit UST altcoins purchased on Terra’s Anchor platform for an 18% rate of return and would only have to provide its own users with an additional 12% return for USDD, and this plan is ingenious.
The TRX price had experienced a massive rally after the new stablecoin announcement and the platform’s DAO announced that it had purchased $39 million in TRX tokens. At the time of this writing, TRX price is trading at $0.0826.
*Not investment advice.