TRON’s $USDT Issuance Surpasses $60 Billion, But TRX Price Struggles
TRON’s $USDT issuance has reached a new milestone, exceeding $60 billion, making it the first blockchain with a single stablecoin surpassing this mark. This notable achievement was announced by TRON founder Justin Sun, highlighting TRON’s growing influence in the cryptocurrency space. However, despite this positive news, the TRX price is currently trading in the red.
TRON’s USDT Issuance Soars
As of today, TRON boasts 47.3 million holders, and the total volume of stablecoins in the market currently stands at $84.61 billion, representing 92.05% of the 24-hour volume of the entire cryptocurrency market. Meanwhile, Tether Treasury just minted $1 billion USDT.
TRX Price Dip Amid Legal Challenges
The TRX price is down 0.73% at the time of writing, trading at $0.1344. This decline comes amidst the recent legal battles facing Tether and Bitfinex. Plaintiffs in a class-action lawsuit claim that the companies engaged in a scheme to artificially inflate market demand, particularly for Bitcoin trading, by issuing billions of unbacked USDT. The lawsuit also alleges that Bitfinex and Tether violated federal statutes, including the Sherman Antitrust Act and the Commodities Exchange Act, by deceiving investors about the true backing of USDT.
Will TRX Rise in the Future?
Despite the negative news surrounding Tether and Bitfinex, TRON’s stablecoin nature has resulted in relatively low volatility. Stablecoins aim to address the issue of extreme volatility seen in cryptocurrencies like Bitcoin (BTC) by pegging their value to another asset. While TRON’s price is expected to decrease by 3.14% to $0.130243 if investor sentiment remains subdued, technical indicators suggest a bullish outlook for the coin. The Fear & Greed Index currently reads 69 (Greed), indicating a positive market sentiment.
Overall, TRON has exhibited strong performance over the past 30 days, with 18 out of 30 (60%) green days and 5.49% price volatility. Data analysis suggests a bullish general outlook for TRON’s price prediction, with 28 technical indicators indicating bullish signs and only 2 showing bearish signals.
- TRON: [https://www.tron.network/](https://www.tron.network/)
- TRX Price: [https://coinmarketcap.com/currencies/tron/](https://coinmarketcap.com/currencies/tron/)
