How Tron [TRX] is managing to keep its boat afloat amid looming depegging fears
ambcrypto.comWe’re entering the fifth day of the Ton’s DAO crisis. While Justin Sun and his team have been trying to peg back USDD to $1, TRX itself has dropped by double digits during the course of the week despite some bullishness recently.The USDD de-pegged from the US dollar at the start of the week by around 0.3 cents.
This caused a lot of panic among investors fearing a Terra-like collapse. In the bleak market conditions, it was enough to wreak havoc on the entire digital asset market.
All major cryptocurrencies are down along with liquidations of Celsius and Three Arrows Capital.In an attempt to keep the ship afloat, Justin Sun and the Tron DAO team opted for market intervention.
They decided to pour liquidity out of reserve funds and buy freely available TRX on those exchanges. Between 15-16 June alone, around 5 billion TRX tokens were withdrawn from centralized exchanges and DeFi lending platforms.
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