Waves Stablecoin USDN Depegs Massively; Is This the End Of?

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.

Waves Issues statement

However, Waves issued a statement on DAXA 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.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.