TRX has gained 24% in the past month: here’s why TRON (TRX) survived the crypto crash

By: Charles Thuo
Charles Thuo
Charles loves traveling, reading, and sharing his knowledge about blockchain technology. read more.
on May 25, 2022
  • At the time of writing, TRON (TRX) was trading at $0.08092.
  • TRX has gained 24.0% over the past month and it is up by 2.60% today.
  • This article discusses what put TRX afloat as the crypto market plunged.

TRON (TRX), has been one of the greatest survivors of the recent crypto crash. As a matter of fact, TRX has even overtaken Shiba Inu (SHIB) token which was once a very popular meme coin, especially within the social media circles.

Initially, there were fears when Terra (LUNA) started dropping due to the de-pegging of its stablecoin, the TerraUSD (UST) since TRON also has an algorithmic stableoin, the USDD. The USDD slightly de-pegged from its US Dollar parity but quickly assumed the parity after the TRON team took very proactive steps.

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The TRON blockchain has also registered significant gains over the past month in terms of the total value locked (TVL). The TVL has surged by more than 33% and it currently stands at almost $6 billion.

TRX and USDD stands out as the top choice for investors

After the TerraUSD debacle, the USDD has stood out as one of the best algorithmic stablecoin. As a result, both TRX and USDD have become a top choices for investors.

Within the first month of its launch, the total supply of USDD stablecoin exceeded 543 million.

As a majority of cryptocurrencies including Bitcoin, Ethereum, and Terra saw a freefall, TRX managed to rise by over 24%. Bitcoin has dropped by about 22% over the same period.

Why is TRON performing so well?

As of yesterday, Tron had reported a burn of about 520 million TRX tokens worth more than $42 million.

Over the past 24 hours, about 106.5 million TRX tokens have been sent in an unknown transaction, which is being speculated to be a burn transaction though details are yet to emerge.

The burning of TRX is expected to maintain the current TRX bullish trend due to a reduced supply as the demand continues to rise.

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