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Alexandra Oyoh
Alexandra Oyoh

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Justin Sun Scoops In A Whooping 1 Million In UST.

Justin Sun, founder of the Tron blockchain, confirmed his 1 million USD purchase on Curve, according to Etherscan.

"I may have some secret plans." Sun responds to CEO Do Kwon's tweet via Twitter.

https://twitter.com/WuBlockchain/status/1523216440538525697?t=MWEKfQco4YW_8BBQMvN5Ow&s=19

Sun announced his intention to purchase the Terra UST via Twitter on the 8th of May. This action elicited a wide range of reactions from the Twitter community, including one from Terraform's CEO Do Kwon. His plans for the newly purchased UST, on the other hand, remain unknown.

Although the crypto Twitter community assumed he would use it as a reserve for UST's USDD stablecoin or that the funds from the purchase would be thrown into a UST's pool, this was not the case.

Sun, according to reports, reveals his UST plans. Declaring that, like Bitcoin, the new stable coin will gain acceptance. Sun appears upbeat, as his current priority is to keep the UST stable.

The UST will make its official debut in the world of decentralized stablecoins.

Tron founder H.E Justin Sun also announced the launch of UST on May 6, on the TRON blockchain, which will also be available on Ethereum and BNBChain. UST was created in collaboration with TRON DAO and other industry leaders.

TRON DAO enables users to participate in governance, and decision making in a freer, fairer, and more flexible fashion- users will enjoy the full range of rights to engage in and decide the future of the TRON Protocol. It will also act as a transparent mechanism to manage the reserves backing UST.

In contrast, the USDD appears to be identical to UST coins in every way. Tether USDT is a crypto currency that, like UST coins, is hosted on Ethereum and the Bitcoin Blockchain and is pegged to the value of a US dollar. Finally, Tron has set aside $10 billion in Bitcoin and other cryptocurrencies to support the USD.

According to Justin's tweet, "since its launch three days ago, USDD has traded more volume than LUSD and PAX and ranks 14th on Uniswap!"

The recent purchase by Sun has an effect on TerraLuna's price.

The recent acquisition of Sun is said to have had an impact on TerraLuna. Within the previous 24 hours. The value of Luna has decreased by 1.2 percent, according to available data. Following a low of $59.40 earlier today and news of TerraUSD (UST) depegging from the one-dollar mark, it has traded below the crucial 200-day moving average.

Furthermore, Bitcoin has lost its $34k support and looks set to breach $32k by tonight's weekly. It appears that Luna's problems will continue to have a negative impact.

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