Tron’s altcoin project TRX has now surpassed Shiba Inu (SHIB) to become the 14th largest cryptocurrency by market capitalization. Here are the price movements and details…
TRX surpasses popular altcoin SHIB
The Tron ecosystem has succeeded in becoming the biggest winner to survive the recent crash. The proactive steps taken by their teams have proven to work for them. TRON chain recorded a significant gain in total locked value (TVL) last month. Its TVL increased by over 33 percent to $5.5 billion. Tron’s native token TRX and stablecoin USDD have been the top choice for investors. In the past 30 days, TRX token prices have skyrocketed as the biggest cryptocurrencies saw a free fall.
By the way, Bitcoin (BTC) fell 22 percent in the same period, as we have also reported as Kriptokoin.com. To support this surge, Tron reported that 499.9 million TRX tokens worth $39.09 million were burned. Meanwhile, it was noted that 106.5 million TRX tokens worth $8.5 million were sent to an unknown wallet in the last 24 hours. However, it is not clear whether this is a burning process. According to the Tron Community, on May 24, 2022, approximately 520.4 million tokens were burned. TRX is trading at an average price of $0.08 at the time of writing. 24-hour trading volume increased by 25 percent to $ 1.6 billion.
TRX outpaces Shiba Inu
Tron’s stablecoin USDD is seeking to fill the gap left by the collapse of TerraUSD. In the first month of launch, the total supply of USDD exceeded 543 million. The 24-hour trading volume is $105 million. Tron’s recent success helped TRX token surpass Shiba Inu. TRX is the 15th largest cryptocurrency with a market cap of $7.69 billion. The Shiba Inu fell to 16th place with a market value of $6.3 billion. Earlier, TRON DAO Reserve reported that they secured $82.3 million worth of Bitcoin, $181.6 million worth of TRX tokens and $295 million worth of USDT, among others.
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