Benzinga
Published Apr 22, 2022 12:25
Updated Apr 22, 2022 13:10
Why Tron Is Shooting Up Today When Bitcoin, Ethereum, Dogecoin Are Flashing Red
Tron (CRYPTO: TRX) spiked Thursday evening after its founder Justin Sun penned a blog on the issuance of a USDD, a decentralized algorithmic stablecoin.
24-hour | 9.55% |
24-hour against Bitcoin (CRYPTO: BTC) | 13% |
24-hour against Ethereum (CRYPTO: ETH) | 13.4% |
7-day | 14.7% |
30-day | 7.4% |
YTD-performance | 12.1% |
What’s Pushing Tron Higher Today?
USDD on TRON is scheduled to be issued and enter circulation on May 5, 2022, according to Sun.
Sun said on Twitter (NYSE:TWTR) that the USDD Network will provide custody service for $10 billion of “highly liquid assets” raised from blockchain industry initiators. The funds will be used as an “early-stage reserve.”
The Tron DAO reserve will “set its basic risk-free interest rate to 30% per annum,” according to Sun.
The @usddnetwork will provide custody service for the $10B worth of highly liquid assets raised from blockchain industry initiators and use them as an early-stage reserve.Sun Transfers Ethereum On Thursday, the journalist Colin Wu noted that Sun’s wallet transferred 38,400 ETH worth nearly $120 million to Binance.�The @trondaoreserve will set its basic risk-free interest rate to 30% per annum.#USDD #TRONDAOReserve pic.twitter.com/HrYeGmwWp0
— H.E. Justin Sun (@justinsuntron) April 21, 2022
Justin Sun’s wallet (0x176F3DAb24a159341c0509bB36B833E7fdd0a132) transferred 38,400 ETH to Binance four hours ago (Apr-21-2022 19:44:51 UTC+8), worth about $120 million.Sun has made such large transfers in the past as well. $55 million worth of ETH was moved to Binance in March, as an example.Get The AppJoin the millions of people who stay on top of global financial markets with Investing.com.Download NowRelated link: https://t.co/IeawJIlBV7
— Wu Blockchain (@WuBlockchain) April 21, 2022
Justin Sun’s wallet (0x176F3DAb24a159341c0509bB36B833E7fdd0a132) transferred 38,400 ETH to Binance four hours ago (Apr-21-2022 19:44:51 UTC+8), worth about $120 million.Read Next: When This Bitcoin Mining Pioneer Thought He Was 'Late' To Crypto In 2013Get The AppJoin the millions of people who stay on top of global financial markets with Investing.com.Download NowRelated link: https://t.co/IeawJIlBV7
— Wu Blockchain (@WuBlockchain) April 21, 2022
Photo courtesy: TRON
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