Tron Blockchain’s native cryptocurrency TRX, cryptocurrency While the market has been falling, it has been positively separated from the market in the last 24 hours with the effect of its new stablecoin.
The main event behind the rally in Tron price was the company’s purchase of 504.6 million TRX for its new stablecoin reserve.
With the purchase made on the open market, the price of the token has also increased.
The crypto money, which has gained about 5% in the last 24 hours, is trading at $ 0.085 at the time of this writing. In the same time frame, the overall cryptocurrency market has lost 0.7%.
Tron Buys More TRX To Support Its Stablecoin
TRON DAO Reserve, which supports USDD, the new stablecoin of the network, also announced that it has purchased 504.6 million TRX tokens for $38.99 million.
In the statement, it was reported that this step was taken to protect the entire blockchain industry and crypto market.
altcoin The recently launched USDD coin had exceeded $200 million in total circulating supply. USDD crossed this threshold in just 48 hours. The volume of the cryptocurrency in the last 24 hours increased by 30% to reach $ 18.2 million.
This interest in the new stablecoin is largely due to the fact that USDD offers the highest stablecoin revenue in the market with 30% yield.
Tron DAO Reserve said that with great interest, the USDD network will launch another 1 billion tokens in 10 days.
TRX Price Up 30% In The Last 7 Days
With the recent statements of Justin Sun and the launch of the USDD stablecoin, the price of the TRX token has been on the rise despite the market slump.
TRX price has increased by approximately 30% in the last 7 days. bitcoin If the price is over 7% it lost.
TRX ranks 18th among the largest cryptocurrencies with a total market cap of $8.36 billion, according to Coin Market Cap data.
*Not investment advice.