Tron (TRX) Sees Gains Of More Than 27%, While DAO Deploys Over $220M For Token Purchase

It’s been revealed that Tron’s TRX is seeing some significant gains these days, amidst important moves made by DAO. Check out the latest reports below.

Tron’s TRX token rose as much as 14% in the past 24 hours as its ecosystem stablecoin Decentralized USD (USDD) inched closer to its intended $1 peg.

At the moment of writing this article, TRX is trading in the green and the coin is priced at $0,05875.

Just in case you don’t know, TronDAO, which is a decentralized organization that oversees the development on Tron, said in a Wednesday tweet that it sent over $120 million worth of USD Coin (USDC) to Binance to “purchase TRX.”

This created buying pressure among traders. It’s been also revealed by the online publication the CoinDesk, that the DAO later sent another $100 million for the TRX purchase. This important announcement was made on social media, in a separate tweet.

Accoridng to the latest reports, TRX rose to more than 6 cents in Asian morning hours before a brief sell-off at the time of writing.

Another issue that is important to mention is the fact that the token was trading at 4 cents in European hours on Wednesday.

More than that, it’s been reported that futures tracking the token saw some $8 million in liquidations. It’s also worth noting that this is one of the highest among major cryptos.

Here’s a relevant tweet below:

To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have transferred 120
million more #USDC on TRON to binance to purchase #TRX. https://t.co/4ANIkkfFmK

— TRON DAO Reserve (@trondaoreserve) June 15, 2022

In order to learn all the available details, we suggest that you check out the complete article posted by CoinDesk.

Also, make sure to check out the tweet shared by Tron’s Justin Sun below.

Funding rate of shorting #TRX on @binance is negative 500% APR. @trondaoreserve will deploy 2 billion USD to fight them. I don’t think they can last for even 24 hours. Short squeeze is coming. pic.twitter.com/VRExM6UK70

— H.E. Justin Sun (@justinsuntron) June 13, 2022

Make sure to stay tuned for more crypto-related news and check out the crypto market’s current prices below.