Tron (TRX) is among the few tokens that showed impressive performance within the previous 24 hours. That comes when the overall crypto market sustains massive lows following the latest crash. TRX received upside momentum due to the hype over its new stablecoin.
The primary reason behind the alt’s surge was the buy of approximately 504.6M TRX by the blockchain’s new stablecoin reserve. Meanwhile, the purchase occurred in the open market, meaning inflationary for the crypto.
The previous 24 hours saw TRX gaining approximately 6% to $0.08443. On the other side, the global cryptocurrency market cap dropped 0.36% to $1.65 trillion in the same timeframe.
Tron Purchases More TRX to Back New Stablecoin
Tron DAO Reserve, which supports the new USDD stablecoin, revealed purchasing 504.6M TXR coins worth around $38.99 million. The move aimed to secure the blockchain space and the cryptocurrency market.
Though launched recently, the new USDD stablecoin by Tron has exceeded $200 million in overall circulating supply. Moreover, the stablecoin achieved the milestone within 48 hours. Its 24-hour trading volume noted a 30% increase to $18.2 million.
USDD seems to attract the increased adoption due to its 30% yield, the highest provided by any stablecoin within the market.
Tron DAO Reserve stated that the network would approve 1 billion additional tokens in the coming ten days to match the rapid USDD adoption. Nevertheless, it also declared that receiving allows does not guarantee the token’s circulation or issuance. Meanwhile, USDD has seen its total market cap gain 58% over the past 24 hours.
TRX Up 30% Over the Past Seven Days
The latest announcements by Justin Sun and the USDD stablecoin helped TRX flourish amid the latest crash in the crypto space. TRX saw its price surging around 30% within the previous week. Meanwhile, the leading crypto, BTC, lost more than 7% within the timeframe. TRX’s 24hr volume gained more than 20% to near $3.6 billion. The alt ranks 18 on Coinmarketcap, with its $8.36 billion market cap.
Meanwhile, reports from Whale Alert show many transactions by whales transferring TRX from Binance to unidentified wallets. They have moved TRX worth over $96.4 million within the previous 24hrs. Four varying transfers registered more than $14 million. However, the highest transfer was worth over $15.4 million.
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