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Tron’s Justin Sun Buys $1M in UST in What He Calls a ‘Secret Plan’ For the Stablecoin

Tron's Justin Sun Buys $1M in UST in What He Calls a 'Secret Plan' For the  Stablecoin - Crypto Digital Currency News ©

  • Justin Sun has supposedly acquired $1 million worth of UST on Curve Finance
  • Tron’s creator had revealed through Twitter that he was purchasing UST
  • This seeks the legend of the UST stable coin de-pegging from the one dollar mark
  • Terra’s Do Kwon had asked Justin Sun what his strategies were, to which he responded, ‘I might have a secret strategy’
  • Terra (LUNA) continues to reduce in worth as an outcome of the fud surrounding UST depegging

Tron’s founder and previous CEO, Justin Sun, has supposedly bought $1 million worth of TerraUSD (USDT) through Curve Finance. The group at WuBlockchain recorded Mr. Sun’s purchase through the following tweet.

Justin Sun stated that he was purchasing UST, and information revealed that his address beginning with 0x8d7ea6a purchased about 1 million UST on Curve. Justin Sun simply released USDD on TRON that mimics UST. https://t.co/bBc9z2jxr3

— Wu Blockchain (@WuBlockchain) May 8, 2022

Justin Sun May Have a ‘Secret Plan’ for UST

The purchase of UST by Justin Sun is available in the background of an earlier Tweet where he revealed he was purchasing the stablecoin. Terra’s Do Kwon reacted to the Tweet, asking Mr. Sun what he depended on. Justin Sun reacted, ‘I might have a secret strategy.’

Tron's Justin Sun Buys $1M in UST in What He Calls a 'Secret Plan' For the Stablecoin 15

At the time of composing, Justin Sun has not elaborated on his preparation for the bought UST. Crypto-twitter neighborhood members have used the following possibilities.

  • He will utilize it as a reserve for Tron’s USD stablecoin
  • The funds will be devoted to a UST-USDD swimming pool

UST Had Depegged from the $1 Mark, Affecting the Value of Terra (LUNA)

Justin Sun’s purchase of $1 million is available in the wake of TerraUSD (UST) de-pegging due to a huge sale of the stable coin in Curve Finance and Binance. UST has considered that restored a worth more detailed to the $1 mark.

Additionally, the occasions of the last 48 or two hours have had an unfavorable result on the cost of Terra (LUNA). The digital property has suffered an 11.21% decrease in worth in the last 24 hours.

Tron's Justin Sun Buys $1M in UST in What He Calls a 'Secret Plan' For the Stablecoin 16
Terra has come by 11.21% in the last 24- hours. Source, Coinmarketcap.com

It is likewise trading listed below the vital 200- day moving average after setting a regional low of $5940 earlier today and due to news of TerraUSD (UST) de-pegging from its one-dollar mark.

Furthermore, Terra (LUNA) might continue to experience a bearish belief considering that Bitcoin has lost its $34 k assistance and looks predestined to tap $32 k either by tonight’s weekly close or at some point next week.

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