Breaking: Waves Stablecoin USDN Depegs Massively
USDN Depegs Updates: As the global digital asset market continues to decline after the horrible collapse of FTX, stablecoins are now feeling the heat. Data depicts that Algorithmic stablecoins like TRON’s USDD and Waves’ Neutrino USD (USDN) are de-pegging massively.
Is USDN in trouble?
Algorithmic stablecoins have been a subject of worry for the crypto industry for this whole year. Massive de-pegging of TerraUSD (UST) to literally zero led to a horrible collapse of Terra’s LUNA token.
As per the data, WAVES ecology’s stablecoin USDN has dropped by a massive 5% in the last 24 hours. USDN price went down to touch the $0.75 price level. It is trading at an average price of $0.818, at the press time.
USDN market cap has dropped by 5% to stand at $556.8 million. However, its 24 hour trading volume is up by 207% to stand at $1.3 million.
This massive drop came after the Digital Asset Exchange Association (DAXA) issued a warning about Waves. DAXA is a group of five major crypto exchanges in Korea.
Can Waves save its stablecoin?
Waves issued a statement on DAXA that led to an investigation into Waves token. It mentioned that they recognize the common due diligence requirements from Upbit and Bithumb. Their team is working closely with the team to support in inquiry.
It added that they will reach a resolution in the upcoming two weeks. While it mentioned that around 4.2% of the WAVES total supply is held in the Neutrino Smart contract. This equates to just 9.8% of the daily trading volume over all exchanges.
Waves mentioned that USDN is a separate project built on the Waves blockchain. It uses WAVES as collateral. This is the only way in which USDN can affect WAVES price.
However, the Waves price is down by 10% in the last 24 hours. It is trading at an average price of $1.83, at the press time.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
