Tron [TRX] to endure the same fate as LUNA; Justin Sun thinks so

Sahana Kiran
Source – Unsplash

Justin Sun created quite a buzz following his decision to step down as the CEO of the Tron Foundation. What accelerated this buzz was the fact that he was joining the government of Grenada as the ambassador to the World Trade Organization. While several assumed that Sun wouldn’t have a significant role to play in the Tron ecosystem, he proved them wrong. Back in April, Sun announced the launch of Decentralized USD [USDD] a decentralized stablecoin. With the whole stablecoin fervor around the market at present, he updated the community about USDD.

The entire market was stirred following the events that occurred with LUNA. From Terra’s stablecoin UST losing its value to LUNA plummeting below $1, the market has had a rough week. While the Terra network tries to save its native coins, Sun steered the market towards the Tron ecosystem with this tweet.

An array of individuals pointed out that the whales were up to something, and a few others suggested that they were shorting the asset too. Several even decided to short on Tron following this tweet.

A series of tweets poured in as Sun noted that the APR was almost at a negative 400 percent.

Unlike UST, however, USDD was veering into several platforms. Looks like the stablecoin scare hadn’t dispersed evenly. Nevertheless, Tron’s stablecoin USDD managed to go live on Multichain. With the help of this platform users will be able to bridge USDD among BitTorrent, Ethereum, Fantom as well as Avalanche.

Meanwhile, TRX followed the market sentiment and plummeted by 15 percent over the last couple of hours. At press time, Tron was trading for $0.07.

Will Binance oust LUNA?

Several in the community took to Twitter and urged CZ to drop support for LUNA. Not just Binance, but a slew of crypto exchanges were being questioned on why they were still supporting LUNA.

As LUNA succumbed to a low of $0.9, Changpeng Zhao, the CEO of Binance took a dig at UST by tweeting, “One over leveraged “stable” coin….”