TRON (TRX) founder Justin Sun has come out in defense of the network stablecoin, USDD. The digital asset began deppeging from the U.S. dollar value and hinted at another catastrophic event in the crypto market, like the one experienced by Terra (LUNA) and its native stablecoin UST.
Related Reading | TA: Bitcoin Dives 10%, Why BTC Could Even Break $25K
At the time of writing, the value of TRON’s stablecoin has been climbing back to its 1:1 parity to the U.S. dollar. Earlier, the digital asset started trending to the downside forcing the TRON DAO Reserve, the entity responsible for protecting USDD’s peg, to deploy $2 billion.
TRX trends to the downside on the 4-hour chart. Source: TRXUSDT Tradingview
This created an increase in selling pressure for TRX which moved to the downside on the back of this event, and a crypto market already trending to the downside along with traditional investments.
Justin Sun wrote the following via his Twitter account, at this time, TRX shorters had t ..
Support the originator by clicking the read the rest link below.
