The post New $1B USDT Minted On TRON Marking Its Significance In The DeFi Market appeared on BitcoinEthereumNews.com.

The stablecoin supply of Tron has grown to almost $63 billion. Tron’s recent minting of $1 billion in USDT signals its role as a major player in the DeFi space. Will this put pressure on Tron’s price and send it as high as $0.200? $1B Minting USDT on Tron, What do Charts Say? 1 Billion USDT was minted on the Tron network recently. That made the total USDT supply on Tron about $62.8 billion from around $48.8 billion. This significant rise demonstrates that Tron is becoming a core blockchain for Tether’s stablecoin distribution. This surge, says CryptoQuant insider JA Maartun, reflects the demand for stablecoin transactions on Tron. It comes with low fees and high transaction speeds and is attracting more users. Historically, Tron’s speed and price has made it a solid platform to issue stablecoins. The USDT supply has grown by over 28% in the past year, a very consistent upward trend. Moreover, its appearance as Ethereum’s runner-up in stablecoin market share growth, garnering 34.8 percent, or $69.71 billion on the chain. On the 4-hour chart, Tron has formed a bullish pennant pattern, indicating upside momentum. On the breakout, the token went just shy of its original target. It was setting up to retest a very crucial support level at $0.165. Source: Trading View If price maintains support here and buying pressure starts to rise, the coin will advance to a target of $0.2, gaining 6.5%. The Relative Strength Index values of 52.46 are in neutral momentum. However, if Tron holds above the retest level and gains buying interest, it will continue its upward trend toward the projected target. Chainlink Oracles on TRX, will Price React? Tron has joined Chainlink’s SCALE program, signaling its commitment to adopting Chainlink’s data feeds for more decentralized applications. With this partnership, Tron combines…

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Filed under: News - @ November 4, 2024 9:19 am