TRON leveraged the fall in the price of USDT by 100 million Tether to protect TRX in the volatile market.
TRON Founder Justin Sun recently announced a $2 billion reserve to protect its native token TRX in the aftermath of Terra’s historic crash.
Every cryptocurrency is attempting to hold its ground amid the current market crash. Many crypto leaders are moving funds in this bid to ensure the stability of their network’s tokens.
The TRON DAO Reserve, which backs its stablecoin USDD, has announced a safeguard. It stated that they purchased approximately 100 million Tether (USDT) at an average price of $0.982. It only cost them $98.2 million. TRON simply purchased the dip.
USDT, the largest dollar-pegged stablecoin, fell by 4.8 percent to $0.95. It has dropped to its lowest level since the 2017 cryptocurrency crash. However, the USDT has recovered to $0.99 in a matter of hours. It has fallen 0.78 percent in the last 24 hours.
TRX token has benefited from this trade, with its price increasing by more than 7% immediately following the announcement. At the time of writing, the TRON token was trading at an average price of $0.07. Its 24-hour trading volume has increased by 30% to $4.2 billion. TRX was possibly one of the coins that survived the crash with the green indexes. The token has increased by 17 percent in the last 30 days, while Bitcoin has decreased by 30 percent.
TRON Network also announced that it will increase the $400 million supply of USDC and TUSD on TRON within the next two hours. Both stablecoins will see a $200 million increase. The company reserve previously purchased over $97 million in TRX tokens to protect the crypto market. The purchase was made for $0.0661 on average. TRON has also added 1,000 Bitcoins at an average price of $30,096 to ensure the market’s stability.
According to WhaleStates, over $20.9 million in TRX tokens were transferred from the Binance crypto exchange to various wallets.