The Federal Reserve of the United States has hiked interest rates by 75 basis points and since then the TRON (TRX) prices are up by more than 24%. Moreover, Crypto Finance, an asset management firm, has backed the TRON blockchain.
The TRX currency has had a rough week, falling in line with the other main cryptocurrencies. The latest spike, on the other hand, has helped the token recoup from its previous drop.
USDD De-Pegging, Main Reason For TRX Price Plunge
TRX prices have fallen by approximately 23% in the last seven days. At the time of writing, Tron (TRX) price is trading at an average price of $0.0596, up by 10.08% in the past 24hrs.
The de-pegging of TRON’s stablecoin is being cited as one of the key causes for Trx’s price drop. At the time of writing, the USDD is trading at $0.977. The stablecoin has raised by about 0.53% in the last 24 hours, a kind of positive approach.
The USDD coin eventually reached a price of $0.96 on June 15, 2022. However, the market turnover of TRON stablecoin is 723.3 million, while its market capitalization is $707.2 million.
Nevertheless, the blockchain group has completed several attempts to combat the current drop. TRON CEO Justin Sun revealed plans to remove 2.5 billion TRX tokens from the Binance cryptocurrency exchange. The value of the lost tokens was around $125 million. In the meantime, TRX’s 24-hour volume has increased by around 70% to $2.6 billion.
Tron To Get Non-Custodial Storage Facility
TRON has partnered with Crypto Finance in order to give additional stability and worldwide growth for its currencies. More TRON-based tokens will be released in the near future, according to the statement. This partnership will provide several connection points to the network.
Crypto Finance will also provide non-custodial storage solutions on the most advanced hardware security features. TRON shall receive a custodial service that is totally legal and controlled. Additionally, FINMA will grant a 24/7 license, allowing it to offer liquidity to banks and other financial service providers.