Tron’s native token, TRX, fell sharply in the past 24 hours as the blockchain’s USDD stablecoin broke away from its dollar peg.
TRX slumped as much as 19%, and is now trading at $0.05- its lowest in 15 months. The token is also the worst performer among the top 50 cryptocurrencies in the past 24 hours.
Weakness in the token comes in the wake of the USDD algorithmic stablecoin losing its dollar peg, despite multiple efforts by founder Justin Sun to support the peg.
USDD de-pegs amid crypto chaos
According to Coinmarketcap data, USDD slumped as low as $0.9598, after trading below its dollar peg for over two days.
The token’s total market capitalization has also fallen by about 1% in the past 24 hours to $701.4 million. Given its algorithmic nature, the token has drawn comparisons with Terra’s UST stablecoin, which crashed into oblivion in May.
