TRON (TRX) prices are up more than 24% since the US Federal Reserve raised interest rates by 75 basis points. Meanwhile, the TRON blockchain has also gained the support of Crypto Finance, an asset management group.
Will USDD get back on track?
The TRX token has registered a tumbling week as it fell in correlation with the other major cryptocurrencies. However, the recent surge has helped the token recover from its recent dump. TRX prices are down about 23% in the past 7 days. It is trading at an average price of $0.0624 at press time.
One of the main reasons for the price collapse of the Trx is the de-pegging of TRON’s stablecoin. USDD is trading at a price of $0.977 at press time. The stablecoin has shown some improvement as it is up about 1.6% in the last 24 hours. The USDD token reached the price level of $0.96 on June 15, 2022. Meanwhile, the market circulation of TRON stablecoin was 723.3 million, while its market cap has shrunk to $707.2 million.
However, the blockchain team has taken many steps to counter the recent slump. Justin Sun, head of TRON, announced the plan to withdraw 2.5 billion TRX tokens from the Binance crypto exchange. The value of the withdrawn tokens was approximately $125 million. Meanwhile, TRX’s 24-hour volume is up about 70% to $2.6 billion.
Crypto financing in support of TRON
In an effort to bring more stability and global growth to its tokens, the TRON joined forces with Crypto Finance† The release mentioned that more TRON-based tokens will be added in the future. This collaboration provides a different access to the network.
Crypto Finance will provide a non-custodial storage facility based on the highest quality hardware security modules. TRON will have a fully compliant and regulated custody service. Meanwhile, it will also be licensed 24/7 from FINMA, which will help them to provide liquidity to banks and various financial services companies.
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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This post Tron (TRX) jumps 24%, is it a recovery or a dead cat bounce?
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