Crypto Carnage: Could TRX Be Next After LUNA?

The whole crypto market is now experiencing a severe carnage, with certain cryptocurrencies bearing the brunt of the pain more than others. Terra (LUNA) is one of these cryptocurrencies, which lost more than 70% of its market value in less than 24 hours. The Terra blockchain native stablecoin, UST, a programmable stablecoin, has also taken a hit as a consequence of the significant price decrease, losing its peg to the US dollar twice in less than 48 hours. With the damage done and Terra trying all it can to recover, it seems that the selloff movement is now focusing its attention on TRON as the next victim. According to live trading activity on Binance, the financing rate for shorting TRON (TRX) has already surpassed the 100 percent annual percentage rate (APR), and many traders are now eager to short. As of the time of this writing, TRX has lost more than 18% of its value in the previous 24 hours. Fighting the crash To avoid finding itself in the same situation as Terra (LUNA), the Tron DAO Reserve is currently investing 2 billion USD to combat those who are shorting the cryptocurrency. The TRON DAO Reserve, which has a total reserve of $10 and serves as a lender of last resort, is responsible for stabilizing the exchange prices of centralized and decentralized stablecoins on the TRON blockchain.The post Crypto Carnage: Could TRX Be Next After LUNA? appeared first on Cryptoknowmics-Crypto News and Media Platform.