TRON (TRX) token has seen the highest gain amongst leading cryptocurrencies, ahead of the launch of a new stablecoin. The price of the TRX token has risen by nearly 11% in the last 24 hours.
The token has led a slight recovery in crypto markets, with Bitcoin (BTC) also rising 1.5% in the past 24 hours.
TRON stablecoin is about launching
TRX prices are surging ahead of the launch of the TRON network’s stablecoin, USDD. The Tron Foundation has built a DAO Reserve, which it claims to be the first decentralized reserve in the blockchain industry. The fund will be backed by the USDD’s development. While the reserve’s goal is to protect the crypto market from financial crises and economic downturns.
Justin Sun, the founder of TRON, has revealed that he will go live on May 5th for the much-anticipated launch of the USDD token. To ensure price stability, the TRON DAO Reserve will be in charge of USDD permits in the beginning.
TRX token has broken to be part of the top 20 cryptocurrencies. It owns over $8 billion in total market capitalization. At the time of writing, the TRON token was trading at an average price of $0.0778. The 24-hour trading volume of TRX has increased by 52% to $2.1 billion.
TRX token prices have risen enough to surpass any major cryptocurrency’s gain. In the last seven days, the price of TRON has soared by more than 25%. The majority of TRON’s ecosystem tokens have shown similar growth. The Tron Ecosystem’s tokens have cumulatively risen by more than 4% in the last 24 hours.
Whales moving TRX makes more gains
Meanwhile, in the last 24 hours, big Ethereum Whales have moved over $29 million in TRX tokens from Binance Crypto Exchange to an unknown wallet.
This move indicates that whales are waiting to make more gains. However, a whale recently transferred over $6.4 million worth of TRON tokens from an unknown wallet to the FTX platform.
