Investing.com – With a gain of more than 7% in 24 hours and more than 12% in one week at the time of writing, the cryptocurrency, the 22nd most important crypto in the market, is by far the top performer in the Top 50 this Friday morning.
More specifically, it should be noted that the TRON crypto started its rise yesterday around 1 p.m., when it was worth around $0.0630, to mark less than 3 hours later a peak at $0.07464, an increase of more than 18%.
After consolidating last night and overnight, however, TRON (TRX) started a correction, currently at $0.06735, a drop that is partly explained by the general bearish sentiment visible on cryptocurrencies following the hawkish intervention. from Powell last night.
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As for the reasons behind the powerful and sudden rise of TRON, it should be noted that the founder of the project yesterday revealed the upcoming launch of his native stablecoin. USDD is set to launch in early May and will be available on and BNB Chain.
Justin Sun, founder of TRON, has indeed announced the launch of “the most decentralized stable currency in the history of mankind”. Dubbed USDD, this stablecoin derived from TRON will be pegged to TRX and aims to achieve on-chain decentralization by not depending on any entity for redemption, management and storage.
In an open letter, Sun explains that “when the price of USDD is below $1, users and arbiters can send 1 USDD to the system and receive 1 USD from TRX.” He also mentioned that “when the price of USDD is above 1 USD, users and arbiters can send 1 USD of TRX to the decentralized system and receive 1 USDD.” The goal is to keep the USDD stable at 1:1 to the US Dollar via “proper algorithms” regardless of market volatility.
According to Sun, USDD is set to launch on the TRON network on May 5 and will also be available on Ethereum and BNB Chain through the cross-chain BTTC protocol.
Finally, from a technical point of view, it should be noted that the daily chart makes it possible to detect the next supports at $0.06500 then $0.05800 while on the upside, the resistances are at $0.0700, $0.07500, then $0.08000.