TRU Token Sees Massive Gains: What’s Next for TrueFi?

• TRU, the Ethereum-based ERC-20 token that powers decentralized finance protocol TrueFi, saw an enormous near 100% price spike on Thursday.
• The crypto token was last changing hands around $0.083, down a little over 5.0% on Friday amid further profit-taking, with TRU having now dipped over 40% since Thursday’s intra-day multi-month highs in the mid-$0.14s.
• Price Prediction – Where Next for TRU? An aggressive pullback to sub-$0.0550 levels and a retest of the 200DMA just below $0.05 is possible but it is likely that TRU would then recommence its uptrend that has been in play since the start of the year, given the optimism across broader cryptocurrency markets.

TrueFi Price Prediction

TRU, the Ethereum-based ERC-20 token that powers decentralized finance protocol TrueFi, saw an enormous near 100% price spike on Thursday.

Recent Binance Transaction Connection

The crypto token was last changing hands around $0.083, down a little over 5.0% on Friday amid further profit-taking, with TRU having now dipped over 40% since Thursday’s intra-day multi-month highs in the mid-$0.14s.

But that still leaves TrueFi’s TRU token over 80% higher versus its Wednesday close, with the cryptocurrency having spiked aggressively above its 200DMA just under $0.05.

TRU’s spike appears to have been triggered by speculation as a result of a recent Binance stablecoin transaction.

On Thursday, Binance minted $50 million in TrueUSD (TUSD), sparking speculation that the TUSD stablecoin might be about to take a larger role within Binance’s platform following the recent US regulatory crackdown on Paxos, the issuer of Binance USD (BUSD). Traders seem to have taken the mistaken view that this would be beneficial for the TrueFi protocol.

TrueFi No Longer Issues TUSD

Actually, TrueFi no longer issues TUSD. As of 2020, a firm called Techteryx does.

TrueFi conducts uncollateralized lending using on-chain credit scores and the TRU token can be used for staking and governance within the TrueFi protocol.

Price Prediction – Where Next for TRU?

As traders who bought TRU thinking that the TrueFi platform would get a boost from Binance minting more TUSD start to realize their mistake, they might start dumping TRU back on