Tron (TRX) Falls by More Than 35% After USDD De-Peg

Tron (TRX) has been decreasing since the end of May, having fallen by 35% so far. It is possible that the decrease is occurring as a result of the de-pegging of USDD The post Tron (TRX) Falls by More Than 35% After USDD De-Peg appeared first on BeInCrypto.

Timeline of Tron, Usdd

Tron [TRX] has made its way into the market's top-15 cryptos, with TRX ranked 13th on the charts. The altcoin managed to ward off market bears on 18 and 19 June, rallying by as much as 32% since its recent low on 15 June.

In a move reminiscent of Terra's UST collapse last month, TRON's USDD lost its peg to the dollar on Jun. 13. One week later, it's still trading below its price target—and that's after a $2 billion cash injection from the TRON DAO Reserve.

Last week, the Tron ecosystem suffered a huge setback when the USDD stablecoin lost its $1 peg. This caused traders to be concerned, as USDD was released last month as a competitor to Terra's UST, an algorithmic stablecoin. Another de-pegging of a similar asset resulted in TRX's price dropping for a short time. Following the …

The Tron ecosystem had a major blow last week when the USDD stablecoin lost its $1 peg. This led to concerns among traders as USDD was launched last month as a rival to Terra's UST, an algorithmic stablecoin.

Last week's crypto crash took a significant toll on Tron's (TRX) price and plunged it to a low of $0.047. This downfall registered a 45.5% loss in just two weeks but failed to sustain below $0.057 support.

USDD not de-pegged TronDAO provided a quick Q&A on the status of USDD reserves and planned activities to keep its liquidity ecosystem healthy. TronDAO executives stated on their official Twitter account that the ongoing reduction in USDD's worth below $0.97 must not be taken as a de-pegg.

We're entering the fifth day of the Ton's DAO crisis. While Justin Sun and his team have been trying to peg back USDD to $1, TRX itself has dropped by double digits during the course of the week despite some bullishness recently.

Tronix TRX/USD has weakened from $0.092  to $0.046 since June 01, 2022, and the current price stands at $0.060. The cryptocurrency market continues to be under pressure, Bitcoin is trading close to the strong support that stands at $20000, and according to American investor Jeffrey Gundlach, we can see new lows for the cryptocurrency market. The post Is Tronix (TRX) a good buy in June 2022? appeared first on Invezz.

With UST mixed into the dust and USDD struggling to keep up; could Tether be the next in line for the stablecoin massacre? The crypto market volatility has ramped up pressure on stablecoins recently after Celsius froze account transactions.

TRON DAO has increased its stablecoin reserves to safeguard the blockchain as the USDD continued to trade below its peg.  The reserve increased its supply of USDC tokens by 300 million on the blockchain.