The Tron network announced that the total number of accounts has reached 90 million. TRX has already reacted with a 10% price increase
Tron network Is Attracting More Users
The Tron network is attracting more users as it prepares to release its own algorithmic stablecoin, with the total number of accounts reaching 90 million. The market has already reacted with a 10% price increase.
“The total accounts on the #TRON network exceeded 90 million! Boasting over 90 million accounts and 3.1 billion transactions, #TRON is the world’s fastest-growing public chain with continuous daily new accounts every day. Thanks for all the supports from #TRONICS”
Justin Sun recently made the announcement of the algorithmic stablecoin, which fueled a short-term market rally.
Because networks like Ethereum, Solana, and others offer their own algorithmic options, the release of a stable solution on the network was a long-awaited event.
In comparison to UST or USDC, the new solution will use a more decentralized mechanism at its core.
In contrast to coins like Tether, which use fiat assets, currencies, and other instruments to balance the price of the coin, algorithmic stablecoins are backed by digital currencies themselves.
TRX Price Performance
TRX has been trading in a range since a massive pump in March that resulted in a nearly 30% increase amid the announcement of a network-powered stablecoin, according to the coin’s daily chart.
The market is staking TRX to use the future stable solution prior to the last launch of a stablecoin, as TRX’s price spiked by 10% today and on April 21.
Apart from using TRX for transactions, USDD will most likely follow Terra‘s UST mechanism, which necessitates the burning of the underlying token in order to issue additional stablecoins.
Constant burning events usually result in an increase in the asset’s valuation because the market’s offering is constantly decreasing.
However, while more coins being burned should raise the price of TRX, this may not be the case, as Ethereum does not appear to benefit from the constant burns.
