SEC Cranks up Pressure on Tron and Coinbase.
TRON (TRX) cryptocurrency has been outperforming most other cryptocurrencies in recent days, particularly Bitcoin, which remains stuck below $40,000. TRON’s price has increased by 10% since yesterday and nearly 25% over the past week, allowing it to enter the top 20 most important cryptocurrencies, currently in 20th position.
The primary factor behind TRON’s outperformance is the upcoming launch of the USDD or “Decentralized USD” on the TRON network, which claims to be “the most decentralized stablecoin in human history.” The launch is set for May 5, 2023. Additionally, TRON has announced plans to create a TRON DAO reserve, which it claims will be “the blockchain industry’s first decentralized reserve.” This news has generated hype that benefits cryptocurrency.
TRON’s technical analysis suggests that the cryptocurrency is sending positive signals. TRON has crossed its 200-day moving average after being below this indicator since the end of 2021. Currently priced at $0.07616, the MM200 days is the first support near the current prices. The psychological threshold of $0.08000, coupled with the March 31 high of $0.07950, forms the first resistance zone to be considered. Beyond that, the key threshold of $0.1 could be quickly targeted.
TRON is a blockchain-based platform that aims to build a decentralized internet by offering a high-throughput, scalable, and secure platform for developers to build and deploy decentralized applications (dApps). TRON was founded in 2017 by Justin Sun, a former Ripple representative in China. The platform’s native cryptocurrency is TRONIX (TRX), which is used to pay for services on the TRON network, including bandwidth and storage.
- The USDD stablecoin is set to launch on May 5, 2023, and claims to be the most decentralized stablecoin in human history. The stablecoin is built on the TRON network and is designed to provide users with a decentralized and stable store of value that is not subject to the volatility of other cryptocurrencies. The USDD stablecoin will be pegged to the US dollar and backed by a reserve of TRON’s native cryptocurrency, TRX.
- The TRON DAO reserve is another initiative that TRON has announced. The reserve will be used to support the development and growth of the TRON ecosystem. The reserve will be managed by a decentralized autonomous organization (DAO) and will be funded by a portion of the transaction fees generated on the TRON network. TRON claims that this is the first decentralized reserve in the blockchain industry.
- TRON’s recent price surge can be attributed to the anticipation of the launch of the USDD stablecoin and the announcement of the TRON DAO reserve. TRON’s platform is already being used by developers to build and deploy apps, and the launch of the USDD stablecoin and the TRON DAO reserve will provide further support to the TRON ecosystem.
In conclusion, TRON (TRX) cryptocurrency has been outperforming most other cryptocurrencies in recent days due to the anticipation of the launch of the USDD stablecoin and the announcement of the TRON DAO reserve. TRON’s technical analysis suggests that the cryptocurrency is sending positive signals, with the recent crossing of its 200-day moving average. TRON’s platform aims to build a decentralized internet by offering a high-throughput, scalable, and secure platform for developers to build and deploy apps. The launch of the USDD stablecoin and the TRON DAO reserve will provide further support to the TRON ecosystem.
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