TRX Price Soars in Last 24 Hours Following The Launch Of USDD

TRON (TRX) seems to be following its own trend as its price goes up despite the majority of the cryptocurrency market, being in some sort of a retracement according to CoinMarketCap.

Currently ranked as the 7th biggest project in the space based on total market cap, the price of TRON has seen a bullish pump in the last 24 hours that adds to the project’s weekly positive momentum. The price of TRON currently stands at $0.06892 and is up more than 9.80% in the last 24 hours, and approximately 13.35% in the last 7 days.

The 24-hour trading volume of TRON is also up almost 290% and is $3,749,458,512. This increase in trading volume in the last 24 hours and the majority of the weekly price momentum coming from the last 24 hours could be a sign that the price of TRON is not done climbing. TRON is also trending on CoinMarketCap and places 7th on the list of trending projects.

The bullish pump seen in the last few hours might have something to do with TRON’s founder, Justin Sun, announcing the launch of USDD, which is a decentralized stablecoin. According to Sun, USDD will not rely on any centralized institutions for redemption, management, or storage, and will instead achieve full on-chain decentralization.

The announcement of USDD has clearly received a positive reaction from TRON supporters and the overall crypto community. This could be because of USSD being pegged to the value of TRON and not USD or gold, giving investors and traders a crypto-backed alternative.