Amid the current market dump, every cryptocurrency is trying to maintain its fortress. In this bid, many crypto leaders are moving the money to ensure the stability of their network’s tokens. TRON founder Justin Sun recently announced a $2 billion reserve to protect his original token TRX amid Terra’s historic crash.
TRON Buys $98 Million USDT
The TRON DAO Reserve, which backs its USDD stablecoin, announced a protective measure. It stated that they have bought about 100 million Tether (USDT) at an average price of $0.982. It only cost them $98.2 million. TRON just bought the dip.
USDT is the largest dollar-pegged stablecoin falling 4.8% to $0.95. This is the lowest level since the cryptocurrency crash in 2017. However, the USDT recovered to the price of $0.99 in a few hours. It is down 0.78% in the last 24 hours.
TRX token has benefited from this trade as its price jumped more than 7% just after the announcement. TRON token is trading at an average price of $0.07 at press time. The 24-hour trading volume is up 30% to $4.2 billion. TRX may have been a coin that somehow survived the green indices crash. The TRON token is up 17% in the past 30 days, while Bitcoin is down 30%.
TRON Adds $400M in Offering to USDC and TUSD
TRON Network has also stated that it will increase its supply of USDC and TUSD of $400 million on TRON within 2 hours. The raise will be $200 million each for both stablecoins. Previously, to protect the crypto market, TRON DAO Reserve also bought more than $97 million worth of TRX tokens. The purchase was made at an average price of $0.0661. TRON also added 1.00 Bitcoins at an average price of $30,096 to ensure the stability of the market.
According to WhaleStates, more than $20.9 million worth of TRX tokens have been sent from the Binance crypto exchange to multiple different wallets.
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 analysis. 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 TRX prices rise 7% after Tron bought this stablecoin at a discount
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