Tron Network is attracting more users as it prepares to release its Algorithmic stablecoin. Tron (TRX) price shot up by over 10% after an announcement that the Tron network had reached 90 million opened accounts. At the time of writing, TRX price had pulled back and it was up by about 5% over the past 24 hours.
In March, Justin Sun’s announcement launching Tron’s algorithmic stablecoin, the USSD, had caused a short-term rally. Besides, the release of Tron’s stablecoin had been awaited for a long time.
Tron’s stablecoin will be different from USDC and UST since its core will be using a more decentralized mechanism, besides, being backed by digital currencies to balance its price. Other stablecoins like Tether use currencies, fiat assets, and other instruments.
TRX price performance
The price of TRX had pumped by more than 30% in March when Tron made its first announcement about its stablecoin solution.
The effect of the stablecoin announcement did not last for long since TRX price later took a downturn at the beginning of April after hitting a high of $0.07091 on 1st April.
Today the price of the Tron coin had spiked by more than 10% on an announcement by Tron Network that it had hit 90 million opened accounts although the coin had plunged and turned red (-0.17%) at the time of writing.
The post TRX price surges by 10% as Tron celebrates hitting 90M accounts appeared first on Invezz.
Source: https://invezz.com/news/2022/05/02/trx-price-surges-by-10-as-tron-celebrates-hitting-90m-accounts/