Why Tron Is Shooting Up Today When Bitcoin, Ethereum, Dogecoin Are Flashing Red By Benzinga


© Reuters. Why Tron Is Shooting Up Today When Bitcoin, Ethereum, Dogecoin Are Flashing Red

Tron (CRYPTO: TRX) spiked Thursday evening after its founder Justin Sun penned a blog on the issuance of a USDD, a decentralized algorithmic stablecoin.

Tron (TRX) Price Performance

Time-frame
% Change (+/-)
24-hour 9.55%
24-hour against (CRYPTO: BTC) 13%
24-hour against (CRYPTO: ETH) 13.4%
7-day 14.7%
30-day 7.4%
YTD-performance 12.1%

See Also: Best Crypto Debit Cards

What’s Pushing Tron Higher Today?

  • TRX rose on Thursday even as major cryptocurrencies like Bitcoin, Ethereum and (CRYPTO: DOGE) slid lower over 24 hours, and the global cryptocurrency market cap fell 3% to $1.9 trillion
  • TRX was seen trending on CoinGecko at press time. It was the second-highest gainer on CoinMarketCap over 24 hours after Decred (DCR)
  • The 24-hour trading volumes of TRX spiked 248.6% to $3.42 billion, according to data from CoinMarketCap

USDD Buzz.
Sun said that TRON DAO has “joined hands with other major blockchain players” to launch USDD (Decentralized USD).

USDD on TRON is scheduled to be issued and enter circulation on May 5, 2022, according to Sun.

Sun said on Twitter (NYSE:) that the USDD Network will provide custody service for $10 billion of “highly liquid assets” raised from blockchain industry initiators. The funds will be used as an “early-stage reserve.”

The Tron DAO reserve will “set its basic risk-free interest rate to 30% per annum,” according to Sun.

Sun Transfers Ethereum
On Thursday, the journalist Colin Wu noted that Sun’s wallet transferred 38,400 ETH worth nearly $120 million to Binance.

Sun has made such large transfers in the past as well. $55 million worth of ETH was moved to Binance in March, as an example.

Read Next: When This Bitcoin Mining Pioneer Thought He Was ‘Late’ To Crypto In 2013

Photo courtesy: TRON

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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