Is TRON (TRX) crypto rising on USDD news?

Highlights: 

• TRON can be described as an operating system based on the decentralized blockchain.
• The TRX token is available for trading on several exchanges like Binance, OKX, etc.
• It returned gains of over 23% in the last seven days.

The TRON (TRX) crypto appears to be gaining traction in the market on May 4, as evidenced by a surge in its price. The price of the TRX coin rose over 6%, while its volume for the last 24 hours soared more than 45% on Wednesday morning. 

Now, before we explore the recent developments in the crypto, let's discuss TRON (TRX). 

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What is TRON (TRX)? 

TRON can be described as an operating system based on the decentralized blockchain. Founded by Justin Sun, the project was developed by Tron Foundation and was launched in 2017. 

Initially, the TRX was an ERC-20-based token deployed on the Ethereum network, but later, it shifted to their own network. The project was initially created for providing full ownership rights to the digital content creators. It intends to aid the digital content creators, who generally get a small part of the income, and encourage them with more rewards for their work. 

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TRON supports smart contracts, several types of blockchain systems, and decentralized applications (DApps). It uses a transaction model named UTXO, which is similar to Bitcoin (BTC). The transactions take place in a public ledger, allowing users to keep track of the operation history. 

It was built for creating a decentralized internet and operates as a tool for the developers to create DApps, serving as an alternative to Ethereum. Any individual can create the decentralized applications on the TRON network or offer content while getting digital assets as compensation for their work. 

The TRX token is available for trading on several exchanges like Binance, OKX, FTX, etc. 

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Why is it rising? 

Although various reasons could be attributed for the recent rally of the token, it is the upcoming launch of USDD or Decentralized USD on the TRON network which may have attracted various investors to the project. The USDD, which claims to be "the most decentralized stable coin", will be launched on May 5. 

In addition, it also announced plans to create a TRON DAO reserve, which could have also pushed gains in the TRX coin. According to TRON, the TRON DAO reserve is the first decentralized reserve in the blockchain space. 

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                                                                Data Source: CoinMarketCap.com 

Bottom line: 

The TRX coin was priced at US$0.07841 at 9:16 am ET on May 4, up 6.27%, while its volume for the last 24 hours jumped 45.49% to US$2.42 billion. It has a market cap of US$7.967 billion, and its fully diluted market cap is US$7.961 billion. 

The token has a total supply of 101.60 billion, and its current circulating supply is 101.60 billion. It returned gains of 23.35% in the last seven days while increasing 9.8% over the past 30 days. 

The token saw the highest price of US$0.08134 and the lowest price of US$0.05798 in the last 30 days. 

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