TRON (TRX) Prices Jump 13% As DeFi Appeal Grows

 TRON (TRX) Prices Jump 13% As DeFi Appeal Grows

The month of May 2022 has proved to be the most profitable for the TRON (TRX) token. The TRX token’s price has jumped by a whopping 33% in the last 30 days. Meanwhile, the TRON has established itself as the third largest chain as per total value locked (TVL).

Whales add $212.5 mln worth of TRX

According to Whale Alert, whales have shown their major interest in the TRX token. Whale wallets have acquired around over $212.5 million worth of TRON tokens in the past 24 hours. It should be noted that more than 2.1 billion tokens have been moved from Binance to multiple unknown wallets. TRX token prices have jumped by a massive 13% in the last 24 hours.

The TRON token is trading at an average price of $0.09, at the press time. Its 24 hour trading volume has surged by 60% to stand at $1.5 billion. Meanwhile, the TRON chain has surged to the $6 billion mark in terms of TVL. It now stands at $6.3 billion with an increase of 4% over the past day. Justin Sun, head of TRON hinted that soon it will reach the $7 billion mark.

However, TRON has registered a gain of a massive 46% over the past month. The Chain stands under Ethereum (ETH) and BSC (BNB).

7.66 bln TRX burned in May

According to the TRON community, the blockchain sent over 7.66 billion TRX tokens to a dead wallet in the month of May. The burn tokens worth stands around $685 million. Around 7.6 million TRX tokens were burnt on May 31, 2022. TRX’s total market valuation stands at $8.3 billion. While its total circulation stands at 93.73 billion.

TRON’s stablecoin USDD has managed to grab the opportunity made due to the collapse of TerraUSD. USDD’s circulation supply of 621 million in just a month of launching. In a blog, Justin Sun wrote about “Improving USDD From Lessons Learned” comparing it to Terra’s UST. It mentioned that TRON has the largest supply of fiat-backed stablecoins issued on chain.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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