JAKARTA – Founder of TRON (TRX) Justin Sun is rumored to be injecting funds to protect TRX and USDD from traders who choose short positions on the Binance crypto trading platform.
Justin Sun, who currently serves as Granada's representative for the World Trade Organization (WTO), announced that his party, TRON DAO, would invest US$2 billion. The fund is aimed at countering massive short positions that could potentially bring down the price of the USDD algorithmic stablecoin.
The funding rate for shorting TRX on Binance is minus 500 percent. To fight these short positions TRON DAO mobilized 2 billion USD to fight these short sellers.
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“TRX shorting funding rate on Binance is negative 500% APR. TRON DAO will deploy 2 billion USD against them. I think they can't last even for 24 hours. A short squeeze is coming," Sun wrote in a Twitter post.
Furthermore, Sun revealed TRON DAO plans to inject 800 million USDC to maintain the USDD stake.
For your information, USDD is an algorithmic stablecoin that works by burning TRX to keep its dollar balance. It is similar to TerraUSD. These efforts are aimed at avoiding the UST-LUNA tragedy which fell more than 99 percent recently.
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