- Justin Sun, the founder of Tron, also sits on the advisory board at Huobi.
- Huobi announced 20% layoffs and employees to receive salaries in stablecoins.
- Tron-based USDD lost its peg by 3 cents.
Tron (TRX) dropped on Friday owing to the stress emerging from Huobi, a crypto exchange. The overall market remained in the same downward consolidated state.
Justin Sun, the founder of Tron, also sits on Huobi’s advisory board. On the exchange on Friday announced the 20% layoff and asked their employees to accept their salaries in stablecoins. The exchange closed all internal staff communication channels to avoid backlash from the employees.
According to data, Tron-based stablecoin USDD also fell by 3 cents, losing its peg to USD, which eventually caused the value locked on Tron-based DeFi to experience a 2% fall.
Futures tracking TRX also viewed that less than $1 million in liquidation were done on the exchange, suggesting that most selling was Spot driven. To clarify, Spot refers to actual tokens and futures derivatives of financial instruments, allowing traders to bet on underlying tokens’ prices.
Security firm PeckShield shared on Twitter some crypto wallet addresses linked to Sun mover more than $50 million to the biggest crypto exchange on the planet. The fund transfer held some importance as users were worried about Huobi’s health and customers’ safety. Blockchain analysis data also shows $60 million worth of outflow funds from Huobi.
Tron (TRX)
Currently, it is trading at $0.0521 with a gain of 3.88%, while its price against Bitcoin is at 0.000003075 BTC, experiencing a jump of 2.94%; at the same time, its market cap rose by 3.84% and is at $4.7 billion, while its volume is at $601 million with a jump of 54.03%, in the last 24 hours. At the same time, its rank remains at 15 and market dominance at 0.58%.
The current rate is 82.65%, down from its all-time high of $0.3004 achieved on January 5, 2018, & is 4674.99%, up from its all-time low of $0.001091 on September 15, 2007.
Huobi token (HT)
Currently trading at $4.71% with a jump of 8.60%, position against Bitcoin was at 0.0002782 BTC with a rise of 7.66%; at the same time, its market cap jumped by 8.60% and is at $764 million, while volume dropped by 13.53% at $15 million in the last 24 hours. At the same time, it ranked 47 and shared a market dominance of 0.09%.
The current rate is 88.17%, down from its all-time high of $39.81 achieved on May 12, 2021, and is up by 428.92% from its all-time low of $0.8903 hit on January 30, 2019.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/07/tron-shrinks-usdd-depegs-huobi-drama-to-be-blamed/