In an effort to boost TRON’s (TRX) performance amid the post-Terra LUNA crash, the price of TRON (TRX) has continued to decline by down over 16% in the past 24 hours. To defend and build support, Justin Sun, has planned to use over $ 2 billion of funds in the process.
With the USDD stablecoin losing its peg for a while, Tron used $ 700 million in funds to help the stablecoin maintain its peg with the US dollar.
Justin Sun in a Twitter post stressed that the funding rate has driven TRX sales on the largest crypto trading platform, Binance which has an ARP of around 500%. the announced will help address the matter. It added that its collateral rate is almost 300%. In another update, it mentioned that DAO has added 100 million USDC to Binance to buy more TRX.
Mikko Ohtamaa, Co-Founder at Trading protocol, that a similar de-pegging defense system failed to save UST Terra over the course of the day. This of course includes the irregularities that took place behind the project which is currently being investigated by the SEC.
The USDD value of stablecoin has been a month separated from the dollar value. It is down about 2% by trading at $ 0.982 over the past 24 hours. The USDD has been able to grow in very volatile market conditions. However, the fall of TerraClassicUSD has created a huge gap in the crypto market. The USDD market circulation volume has now surpassed the 723 million level.
Earlier, Sun said that their reserves are actively buying more cryptocurrencies in these volatile market conditions. He added that he would add reserves to ‘public addresses’ once the market had started to stabilize. TRON DAO recently bought $ 50 million worth of Bitcoin and TRK for reserve savings.
TRX is trading at an average price of $ 0.06322 at the time of writing. The price of Tron has recorded a fall of 26% in the last 7 days. TRON’s total locked -in value (TVL) has also decreased by over 25% in the past 24 hours.
