In the midst of the current cryptocurrency carnage, every cryptocurrency is trying to keep its stronghold. In this proposal, many crypto leaders are moving funds to ensure the stability of their network’s tokens. TRON Founder Justin Sun recently announced a $2 billion reserve to protect his native token TRX during the historic collapse of altcoin project Terra.
Altcoin project TRON bought $98 million USDT
TRON DAO Reserve, which supports stablecoin USDD, has announced a protective measure. He explained that they bought about 100 million Tether (USDT) at an average price of $0.982. It only cost them $98.2 million. According to experts, TRON bought the dive.
As you can follow from Cryptokoin.com news, Tether (USDT) became the largest dollar peg stablecoin, decreasing by 4.8% during the day to $0.95. This marks the lowest level since the 2017 cryptocurrency crash. However, USDT reached the $0.99 price mark within a few hours. At the time of writing, the altcoin healed itself and came very close to the $1 peg at $0.9972.
TRX token benefited from this trade as the altcoin price increased by over 7% immediately after the announcement. The TRON token is trading at an average price of $0.06934 at press time. Although the trading volume for the day reached $4.2 billion, it stands at $2.6 billion at press time.
TRX was a cryptocurrency that somehow survived the crash, possibly with green indices, according to experts. While the TRON token managed to rise 17% in the last 30 days, Bitcoin fell 30%.
TRON adds $400 million worth of supplies to USDC and TUSD
TRON Network also announced that it will increase the supply of $400 million USDC and TUSD in TRON within 2 hours. The increase will be $200 million for both stablecoins. Previously, TRON DAO Reserve also purchased over $97 million of TRX tokens to protect the crypto market. The purchase was made at an average price of $0.0661.
In addition, TRON added 1,000 Bitcoins at an average price of $30,096 to stabilize the market. Meanwhile, over $20.9 million TRX tokens have been sent from Binance crypto exchange to multiple different wallets, according to WhaleStates.
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