Tron Price is showing that the USDD depegging pressure is releasing.
Today, the price of Tron (TRX) is breaking bears and watching them exit the market as bulls knock out two important resistance components throughout the ASIA PAC and European trading periods.
The price of Tron has risen 6 percent in the last few hours as traders rush to take advantage of the price movement that broke above the double top and bottom of May 16 at $0.0668.
Tron’s DeFi TVL was still inside its range and beginning to recover even in the depths of the severe bear market. Total TVL in DeFi fell under $100 billion to roughly $77 billion at spot pricing, a significant decrease. Even if Tron’s TVL is just $4.1 billion, Ethereum continues to be the market leader.
In addition, TRON DAO Reserve announced a few days ago that in order to protect the global blockchain sector and the cryptocurrency market, TRON DAO Reserve has made a deposit of 50 million USDC to Centralized Exchange in order to acquire back USDD and TRX.
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve has deposited 50 million #USDC to CEFI Exchange to purchase back #USDD and #TRX.
— TRON DAO Reserve (@trondaoreserve) June 24, 2022
A few weeks ago, TRON’s stablecoin, USDD lost its dollar peg. After reaching a new low of $0.93, USDD eventually climbed back up to the $0.95 zone. According to statistics provided by CoinGecko, the price of the stablecoin is now $0.98, representing an increase of 0.8 percent over the course of the last twenty-four hours.
But what’s more relevant is that USDD’s market value dropped by more than $20 million during that period. The depegging of the stablecoin certainly had an effect, as seen by the fact that the market size decreased from $715 million on June 13 to $696 million at the present time.
However, according to TRON’s explanation, USDD is a decentralized stablecoin, which means it relies on an on-chain mechanism and collateralized assets. This is in contrast to centralized stablecoins such as USDC.
Both TRX and USDD have been on an upward trend over the course of the previous week, with TRX increasing by 10 percent and USDD increasing by 2.5 percent respectively.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.