TRON [TRX] has maintained its leading position in terms of stablecoin transactions and holders. The altcoin has been trading around the $0.30 psychological level, with the market cap at around $30 billion.
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Why is TRX price falling?
The price of TRX is falling due to technical reasons. A rising trend channel often signals bears are building positions; that’s why the altcoin broke down.
The BBP showed sellers were in control as the Trend Strength Index (TSI) reinforced the price direction. However, the altcoin is correcting the sudden crash from $0.35 to $0.30.
If TRX can reclaim the rising trendline as support, the price could rally toward or past $0.35. But the market structure indicated that $0.33 could be a barrier if sellers defend the level during the retest of the channel.
Justin Sun sues WLFI for lack of transparency
Meanwhile, TRON founder Justin Sun has stressed that crypto holders deserve transparency, fairness, and accountability. This follows Trump-linked World Liberty Financial [WLFI] freezing his investment stake of $45 million in April, which brought about the previous lawsuit.
Now, his lawyers have once again sought court sanctions against WLFI for failure to disclose its UAE ties. In a post on X, Justin Sun wrote,
World Liberty was proudly American when it was selling tokens. It discovered its UAE roots only when it needed a way out of an American federal courtroom.
Justin says if the sanctions are resolved in federal court, he would refile his lawsuit against WLFI in California state court.
TRON leads stablecoin transfer volume and holders
The TRON Network led the growth in stablecoin transfer volume over the past 24 hours, with more than $19.4 billion USDT moved. It was followed by USDC on Ethereum [ETH] and Base with $11.40 billion and $5.80 billion, respectively.
USDT on Ethereum came in fourth with a growth of $5.50 billion.
With that, Tron Inc. continued their acquisition of TRX into their treasury after buying 154.4K tokens worth $49.76K at an average price of $0.3238. Its lifetime holdings have exceeded 721.9 million coins.
Final Summary
- TRON Network led by a $19 billion increase in stablecoin transfers in the past 24 hours as the number of holders hit record levels.Â
- TRX broke below an ascending trend channel, entering a bearish market structure as Justin moves to court.Â
