• About us
  • Advertise With Us
  • Become a Contributor
  • Guest Posting Service
  • Privacy Policy
  • Submit Press Release
  • Terms & Conditions
No Result
View All Result
Ripple Press Release
  • Home
  • Market
    • Analysis
    • Guide
  • Binance
  • Bitcoin
  • Blockchain
  • Coinbase
  • Crypto
    • Crypto Exchange
  • Ethereum
  • Finance
  • Litecoin
  • Ripple
  • Tether
  • Home
  • Market
    • Analysis
    • Guide
  • Binance
  • Bitcoin
  • Blockchain
  • Coinbase
  • Crypto
    • Crypto Exchange
  • Ethereum
  • Finance
  • Litecoin
  • Ripple
  • Tether
No Result
View All Result
Latest News and Updates on Cryptocurrency
No Result
View All Result
Home Crypto

Tron Falls Sharply As Sun Scrambles To Save Stablecoin

by
June 16, 2022
in Crypto
0 0
0
Tron Falls Sharply As Sun Scrambles To Save Stablecoin
332
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

Tron price momentum faded over the weekend, and the price has dropped by more than 40% since then. The cryptocurrency is presently having difficulty gaining traction.

TRX has dropped 19% and is now trading at $0.05, its lowest level in 15 months. In the last 24 hours, the token has also been the worst performer among the top 50 cryptocurrencies.

The token’s weakness follows the loss of the USDD algorithmic stablecoin’s dollar peg, despite founder Justin Sun’s repeated efforts to keep the peg.

In the last 24 hours, the token’s entire market valuation has dropped by nearly 1% to $701.4 million. The token has garnered comparisons to Terra’s UST stablecoin, which vanished in May due to its algorithmic nature.

Fear began as soon as the USDD’s 1:1 peg to the dollar was lost. TRX hasn’t been able to reverse the downward trend since then, plummeting by more than 40% in less than a week. TRX may face tremendous sell pressure to close the gap as long as USDD is below one dollar.

TRX has found support at the $0.05 level, from which it has bounced higher. TRX’s resistance is at $0.057, and given the current fundamentals, it doesn’t appear likely that the trend will shift.

Related reading | TRON Has a Record-Setting Month

However, Tron, like Terra, is putting billions of dollars behind the coin. Because USDD is not as large as UST, which was worth roughly $20 billion at its peak, crypto specialists think that it will not suffer the same fate.

USDD had recently been changed by Tron’s Sun to strengthen collateralization and make it less vulnerable to a crash like Terra.

This week, Tron spent over $700 million on the open market to sustain the USDD peg. Justin Sun also stated that a $2.5 billion fund would be set up to help TRX.

Tron has purchased TRX on multiple occasions to support the token, most notably withdrawing $948 million ($47 million) from Binance. The Tron DAO has made a number of withdrawals from Binance and has also used its USDC assets to purchase more tokens.

Tron has also announced a mining pool with Curve Finance and Convex Finance, which is intended to attract yield-hungry traders with an estimated APR of 96.25%.

Despite Justin Suns’ assertions that the USDD is unduly collateralized, the market does not appear to agree. The trend for TRX is likely to be negative as long as this continues, and the next significant support is identified at $0.040.

Related reading | Why TRON Has Seen a 45% Hike in Total Value Locked (TVL)

source
News Wire

Tags: Crypto NewsLatest Crypto NewsTop Cryptocurrency News

Popular Post

    Facebook Twitter RSS

    Ripple Press Release


    Get the latest news on Cryptocurrency and stay up-to-date ... Cryptocurrency prices today.

    Category

    • Analysis
    • Binance
    • Bitcoin
    • Blockchain
    • Coinbase
    • Crypto
    • Crypto Exchange
    • Ethereum
    • Finance
    • Guide
    • Litecoin
    • Market
    • Ripple
    • Tether

    Recent News

    EU Agrees On New Crypto AML Laws For Crypto Transfer Tracing

    EU Agrees On New Crypto AML Laws For Crypto Transfer Tracing

    July 1, 2022
    Polkadot’s DOT bearish weakness to accelerate if $6.5 level fails to hold

    Polkadot’s DOT bearish weakness to accelerate if $6.5 level fails to hold

    July 1, 2022

    © 2022 Ripple Press Release.

    No Result
    View All Result
    • Home – Layout 4

    © 2022 Ripple Press Release.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Posting....