TRX Soars as Billionaire Justin Sun Steps In – Should You Buy Now or Watch the Next Big Coin?
Tron ($TRX) holders are counting their lucky stars this week. Their token is up 18.4% from its price this time seven days ago as it trades at $0.156 as of this writing.
In terms of intraweek gains, this dwarfs the advances made by the two undisputed market leaders.
Original cryptocurrency Bitcoin ($BTC), which has a market capitalization of $1.2 billion dollars, only added 4.7% to its value over the week and currently trades at $61,135.
$ETH, the token underpinning the most commercially important blockchain Ethereum, only added 1.7% over the week and currently trades at $2,670.
A busy news cycle has helped propel Tron’s $TRX token, which is now just 33% short of recapturing its all-time high (ATH) of $0.2317, set on January 5, 2018.
On Wednesday, one X tweeter accused Justin Sun of removing a large amount of Bitcoin backing Tron’s dollar-pegged stablecoin USDD from the collateral wallet.
lmao @justinsuntron silently removed the 12.000 btc as USDD collateral recently and it's now 100% backed by tron (except for 20mil. usdt).
This was the address: 1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPj
Justin Sun hit the platform later in the day to explain that withdrawing money from the stablecoin vaults is “not mysterious” and any collateral holder has the freedom to withdraw some funds when the stablecoin is over-collateralized. He also hinted at major upcoming USDD upgrades.
Regarding the decentralized stablecoin USDD, its mechanism is similar to MakerDAO's DAI and is not mysterious. When your collateral exceeds the amount specified by the system (usually between 120%-150% depending on the vault), any collateral holder can withdraw any amount freely…
Yesterday, Tron’s new meme coin launchpad SunPump beat the established Solana alternative
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