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

Published 22/04/2022, 12:25
Updated 22/04/2022, 13:10
© 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.

24-hour9.55%
24-hour against Bitcoin (CRYPTO: BTC)13%
24-hour against Ethereum (CRYPTO: ETH)13.4%
7-day14.7%
30-day7.4%
YTD-performance

12.1%

What’s Pushing Tron Higher Today?

  • TRX rose on Thursday even as major cryptocurrencies like Bitcoin, Ethereum and Dogecoin (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 on TRON is scheduled to be issued and enter circulation on May 5, 2022, according to Sun.

Sun said on Twitter (NYSE:TWTR) 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.

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Photo courtesy: TRON

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

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