Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Despite the bloodbath on the cryptocurrency market, some coins are still fighting for their place on the market by showing even mild gains, which look like a massive success against the background of coins with double-digit losses.
Tron fueled by USDD
The first and biggest coin on the list of assets that remain profitable is Tron (TRX), which at press time shows around a 4% gain in the last 24 hours. The main fuel for Tron is the release of USDD stablecoin and constant buyouts on the market.
Previously, U.Today covered that Justin Sun, who is behind the Tron DAO, announced the purchase of 600 million TRX coins, which allowed Tron to withhold the massive selling pressure across the cryptocurrency market.
But since Terra's stablecoin has failed miserably, investors do not feel secure investing in an asset with a similar pegging mechanism.
The token of the industry-leading Axie Infinity P2E game does not seem to care about the performance of other digital assets like Bitcoin or Ethereum as it gained almost 9% in the last 24 hours.
Axie's performance looks even more impressive if we put it against Bitcoin or Ethereum pairs.
"Crypto gold" in demand
As USD inflation is on the rise, stablecoins are losing trust, and Bitcoin has dropped by 20% in recent days and gold has gained more attention from investors as both inflation and volatility hedge, while almost every financial asset out there is heavily underperforming.
PAXG is a cryptocurrency asset backed by actual gold at a 1:1 ratio. The company behind it offers a real exchange of PAXG tokens to gold bars whenever investors wish.