TRONDAO reserve shared two different transactions from WhaleAlerts
In a recent tweet, TRON DAO Reservewhich runs the USDD stablecoin, says it is withdrawing 2.5 billion TRX from Binance to “protect the entire blockchain industry and crypto market.”
In regards to this, the TRONDAO reserve shared two different transactions from WhaleAlerts in two separate tweets.
The first transaction was for 339,999,999 TRX (16,960,959 USD) transferred from Binance to an unknown wallet, and the second was for 499,999,999 TRX (25,173,868 USD) also transferred from Binance to an unknown wallet.
Amid the current market sell-off, Tron DAO Reserve shared earlier that 700 million USDC (nearly $700 million worth) had been injected into TRON DAO Reserve to defend the USDD peg. It was also stated in a tweet that another $100 million more USDC were deposited on Binance to buy more TRX.
Yesterday, an additional USDC 500 million was also received by the TronDAO reserve to defend the USDD peg, said Tron founder Justin Sun.
As reported previously by U.Today, Tron DAO reserve stated that it had increased the 650 million USDC supply on Tron to the tune of $2.5 billion. It says it did this to “safeguard the overall blockchain industry and crypto market.”
Since the beginning of the week, Tron has been fighting to defend its ecosystem as Tron founder Justin Sun reported that the TRX short-sell funding rate on Binance had fallen to a negative APR of 500. %. He therefore said that the Tron DAO reserve had deployed $2 billion to combat “massive shorts”.
TRX and USDD price action
Tron’s TRX has also suffered a similar fate as the rest of the market, tumbling 30.78% since the past week. After dropping to intraday lows of $0.046, TRX is presently trading down 16.45% at $0.050. TRX is set to mark its third consecutive day of losses since June 13.
Meanwhile, Tron’s stablecoin USDD was trading at $0.97, down 1.12% in the past 24 hours, according to data from CoinMarketCap. USDD, which shares similarities with Terra’s UST, is also an algorithmic stablecoin. The USDD launched on May 5 is expected to maintain parity with the dollar.
