TRX Gains 27% As DAO Deploys $220 Million For Token Purchase

TRX Gains 27% as DAO Deploys $220 Million for Token Purchase

Tron’s TRX token has seen a 27% bump in price this week, as the Decentralized Autonomous Organization (DAO) announced it would be deploying $220 million to purchase tokens. This is just the latest move by Tron founder Justin Sun to support the market for his company’s cryptocurrency.

The TRX token has seen a significant price increase in the past 24 hours as the Decentralized USD stablecoin (USDD) associated with the Tron ecosystem inches closer to its $1 peg. This stablecoin is designed to be a more decentralized version of traditional fiat-backed stablecoins, and its recent price action suggests that investors are confident in its ability to maintain its value.

The TRX token itself is used to power transactions on the Tron network and, as such, is directly impacted by the success of USDD. With the stablecoin experiencing strong demand and holding its value well, we will likely see continued positive price action for TRX in the near future.

TronDAO, a decentralized organization that handles Tron development, announced in a tweet on Wednesday that it has sent over $120 million in USD Coin (USDC) to Binance to “purchase TRX,” putting pressure on traders to buy. In a subsequent tweet, the DAO stated that it had transferred another $100 million for the TRX purchase.

The news of TronDAO’s large purchase sent shockwaves through the crypto community, with many wondering what the implications would be. Some believe that this could be a sign that Tron is preparing to make a major push into the DeFi space, while others think that it could mean that Tron is looking to increase its liquidity on Binance.

Regardless of the reason behind TronDAO’s purchase, it is clear that there is a lot of interest in TRX right now. With the price of TRX already on the rise and with more money flowing into the market, it will be interesting to see where things go from here.

In a tweet on Tuesday, TronDAO said it has added $650 million in USDC to its reserve to “safeguard the overall blockchain sector and crypto market.”

TronDAO’s addition of USDC to its reserves is a significant boost to the stability of both the TRON protocol and blockchain, as well as the cryptocurrency market as a whole. With USDC, TronDAO can help to stabilize prices and protect against volatility. This is good news for all involved in cryptocurrency, as it helps to reduce risk and ensure that there is more consistent growth in the industry. TronDAO is a decentralized autonomous organization dedicated to developing and promoting the TRON protocol and blockchain.

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Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.

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