We are entering the fifth day of the Ton’s DAO crisis. While Justin Sun and his team have tried to peddle USDD back to $1, TRX itself has fallen double digits over the course of the week despite some bullishness of late.

Unhappy!

The USDD fell about 0.3 cents against the US dollar at the start of the week. This caused a lot of panic among investors who feared a Terra-like collapse. In the bleak market conditions, it was enough to devastate the entire digital asset market. All major cryptocurrencies have fallen, along with Celsius and Three Arrows Capital liquidations.

In an effort to keep the ship afloat, Justin Sun and the Tron DAO team opted for market intervention. They decided to pour liquidity from reserve funds and buy freely available TRX on those exchanges. Between June 15 and 16 alone, approximately 5 billion TRX tokens were withdrawn from centralized exchanges and DeFi lending platforms. Today, the Tron DAO Reserve transferred another 100 million USDC tokens to exchanges and repeated the process.

in the last tweet, Tron DAO Reserve has confirmed that they have received an additional 300 million USDC as reserve funds. This pumped USDD collateralization above 300%, ensuring the security of the network.

Still miles to go

Despite the best efforts of Justin Sun and his team, TRX and USDD are still struggling. The latest crypto crash was a big blow, but TRX is starting to show signs of recovery. Yesterday, the native currency pumped up 27% for a short sell-off. TRX is currently trading at $0.059 and is down about 25% in the past week. The volume on the network has also fallen by 50% in the last 24 hours. The RSI for TRX currently stands at 39.8, signaling a period of consolidation in the coming days.

Source: Trade View





This post How Tron [TRX] manages to keep his boat afloat amid looming fears

was published first on https://ambcrypto.com/how-tron-trx-is-managing-to-keep-its-boat-afloat-amid-looming-depegging-fears/

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