Justin Sun revealed his thoughts on the USDC depeg and was worried about its impact. TRX bounced courtesy of accumulation during its brief dip into oversold territory. Tron founder and CEO Justin Sun is among the blockchain industry leading figures that have weighed in on SVB saga and USDC’s depeg. The latter was not as […]
The level of USDC transfer volume is significant enough to cause a sizable impact in case of a severe depeg such as that of UST.
Fortunately, Circle and all the involved stakeholders have been aggressively working towards restoring USDC’s peg and so far it appears to be working. The USDC peg recovered to $0.994 on Gemini at the time of writing. However, it was lower on other exchanges such as Binance and Kraken where it traded at $0.95.
This may still be concerning but it represents a bit of recovery considering that USDC fell as low as $0.87 during yesterday’s trading session. The fact that the price has not recovered means there is still some degree of risk with USDC.volume peaked on 10 March and has since then dropped off significantly. A potential sign that selling pressure has been dissipating.The lower sell pressure means TRX bulls have a chance at some recovery.
This was evident by the uptick in Tron’s Binance funding rate. The social dominance metric demonstrated a similar outcome with a large spike to the highest level in the last 7 days.Furthermore, some accumulation of TRX took place after bottoming out at $0.055 on Friday. Its $0.059 press time price represented an almost 8% upside.
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