Just a month after TerraUSD lost its peg against the US dollar and crashed the global crypto markets, another stable coin threatened to repeat the story once again this month. But a sound strategy appears to have helped avoid the disaster till now.
The price of Tron (TRX) coin fell to nearly $0.045 after the blockchain’s recently launched algorithmic stablecoin USDD lost its peg against the US dollar. The stable coin had slipped to a low of $0.9764.
TRON DAO has injected over $2 billion into the Tron reserve to maintain the USDD peg. “This proved to be fairly successful as the stablecoin recovered significantly,” analysts at WazirX Trade Desk shared in a note.
USDD is yet to reach its original $ 1 level but it is very near. At the time of writing, USDD was trading at $0.9764
The analysts said that TRX is retesting the support levels after breaking below the triangle pattern. Immediate support is expected at $0.045 level.
TRX was trading at $0.06088 at the time of writing. It had slipped to as low as $0.048 on 15th June.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)