Tron jumps after $1b USDT mint as Nasdaq listing draws closer
The Tron ecosystem is getting ready for a major change as Jason Sun’s firm prepares for a Nasdaq listing.
Tron (TRX) is recovering from monthly lows at $0.2592, with a sharp rise to a daily high of $0.2722. The rebound comes after Tether minted another $1 billion in USDT on Tron on Sunday, June 22, to replenish its inventory.
As a result, traders are closely watching for bullish signals, including the increasingly frequent Tether mints. The most recent one before this occurred on June 9, when Tether minted another $1 billion on the network.
The move coincided with growing activity on Tron. According to CryptoOnchain, the 50-day and 100-day moving averages of active addresses reached their highest levels to date. At the same time, the network recorded 30% more transactions compared to February.
While USDT mints have happened before, they suggest that Tether anticipates increased stablecoin demand on the Tron network. Combined with Tron’s recent public listing announcement, the developments paint a bullish narrative for the token.
What’s next for Tron’s price?
Tron quickly bounced back after testing the support at $0.26, which coincided with the high-timeframe support. However, the latest dip also broke the trend where Tron achieved higher highs and lower lows. Still, the overall structure remains strong, with a potential path to $0.31.
Justin Sun’s company, Tron, which plays a key role in the Tron Network, will soon list on Nasdaq through a reverse merger. Interestingly, the SRM’s public offering was facilitated by Dominari Securities, a company with Donald Trump Jr. and Eric Trump on the advisory board.
Sun, who once faced charges by the U.S. Securities and Exchange Commission, now has close ties to Donald Trump’s family. For one, Sun invested at least $97 million in Donald Trump’s memecoin (TRUMP), in a bid to become the biggest holder.
