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Tron Welcomes Trump-Backed Stablecoin, TRX Price Surges

$TRX

#Tron #TRXNews #Stablecoin #CryptoMarket #Blockchain #DigitalCurrency

Tron Welcomes New Trump-Backed Stablecoin, Boosting TRX Value

Tron’s blockchain recently integrated a USD1 stablecoin from World Liberty Financial Inc., shining the spotlight back on TRX. This significant move is drawing the attention of traders keen on the next developments. For more details on the crypto world, you can visit [Binance](https://www.binance.com/).

Significant Price Movement

TRX experienced a notable increase, rising 6% on Tuesday. It surged past the $0.2875 mark, reaching up to $0.2980 before encountering resistance. If TRX successfully breaks through this barrier, it could potentially ascend to $0.3230, matching the 50% Fibonacci retracement level. Presently, TRX is trading at around $0.2920, balancing between the support at $0.2808 and the 23.6% Fib mark at $0.2645.

Launch of a High-Profile Stablecoin

The newly launched USD1 stablecoin, backed by notable figures including US President Donald Trump, is now active on the Tron network. Justin Sun, the founder of Tron and a major proponent of the Trump Token, described this event as a “giant leap for stablecoins.” Additionally, Sun’s presence at a White House dinner for key Trump Token investors has brought renewed interest to Tron’s ecosystem.

On-Chain Growth Indicators

According to DeFiLlama, Tron’s total value locked has surpassed $5 billion. On June 6, the platform recorded over 4.50 million returning user addresses. These figures suggest a strong recurring interest in Tron’s DeFi applications, although it remains to be seen if these funds will remain within the ecosystem or move in search of higher yields elsewhere.

Bullish Trends in Derivatives

Data from CoinGlass indicates that TRX derivatives’ open interest has increased by 8.25% in the last 24 hours, reaching $329 million. The weighted funding rate also rose to 0.0098%, showing a dominance of bullish long positions over shorts. Additionally, the rate of short liquidations was nearly double that of longs, settling a wave of bearish bets. Technical analysis further supports this optimistic view, with the RSI nearing the overbought zone and a recent MACD crossover pushing histogram bars into positive territory.

Monitoring the Market’s Next Moves

While traders are buoyed by the launch of a major stablecoin and positive on-chain data, they remain vigilant of Bitcoin’s influence on the broader market. A downturn in Bitcoin could pull altcoins lower, whereas a rally might further elevate TRX. For now, the mix of a high-profile stablecoin launch, increasing total value locked, growing open interest, and favorable technical indicators provide ample reasons for Tron enthusiasts to anticipate a potential breakout. For more on these developments, explore [Financier News](https://financier.news/category/crypto/).

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