Tron (TRX) Price Defies Market Momentum, Maintains Bullish Course

Tron (TRX) Overtakes Shiba Inu (SHIB) As the 14th Largest Cryptocurrency
  • When UST fell, TRX too had a bearish shock.
  • The chain’s TVL has grown by 0.02 percent in the last seven days.

During the month of May, the Tron (TRX) token has outperformed the majority of other major cryptocurrencies. The blockchain looks like one of the few industries that remained steadfast throughout the recent market turmoil. Now that Tron has introduced its own algorithmic stablecoin (USDD), it is the fourth-largest DeFi blockchain by total locked value (TVL).

TRX/USDT: Source: TradingView

The second week of April saw a robust rise in TRX, while the rest of the market was in the red due to a bearish attack. It surged in anticipation of the debut of the USDD stablecoin in the first week of May. When UST fell, TRX too had a bearish shock, although it seems that its decline was buffered.

Surge Despite Recent Terra Catastrophe

Over the previous month, the total locked value of the Tron chain has grown by more than 5%. It presently has a TVL of $4.31 Billion in revenue. Among the top TVL holders, Tron has climbed to 4th place presently.

The chain’s TVL has grown by 0.02 percent in the last seven days. The Terra chain and its associated tokens have lost all of their value during the previous two weeks, causing a major crisis. Until recently, the Terra had a TVL of moreover $30 billion. There was $24.7 billion in Terra’s TVL on May 8th, 2022, when the crypto market fell. As a result, it now has a value of $162.7 million locked in.

In November 2021, Tron had the highest TVL of $6.7 billion. However, with the demise of Terra, the Tron Chain has a big potential to take the market. Tron reported earlier this week that it had raised its cash reserves. A wide range of digital assets was added to the collection. BTC, TRX, and USDT totaling over $82.3 million, were all deposited into the fund.

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