UST is defective, but Neutrino USD [USDN] ‘depeg(s)’ another story

The market panicked as Bitcoin crashed below the $32,000 support level, and altcoins began to plunge violently. This time, the stablecoin was also spared in TerraUSD. [UST] It fell to $0.6879 and was trading at $0.9006 at press time. This, understandably, caused a significant FUD storm, as the top 10 stablecoins losing stability are not something you see every day.

source: coin stat

But a similar story happened very recently. In fact, let’s see what happens to Neutrino USD. [USDN] We are experiencing the aftermath of the recent market crash and removing the pegging ourselves in April.

You ‘USD’ is stable!

At the time of reporting, USDN was trading at $0.954 after falling 2.70% in a day and 2.49% in a week. USDN volume surged briefly after the asset price fell, but fell short of the surge when the stablecoin price was below $0.8.

Neutrino USD USDN 16.07.07 10 May 2022

source: Santiment

What is the stablecoin’s market cap? According to Santiment’s data, USDN’s market cap has been declining since early April, and this trend continued at press time as the asset price fell to $0.953.

Neutrino USD USDN 16.13.39 10 May 2022

source: Santiment

In most cases, the performance of a stablecoin may reveal a lot about the crypto assets associated with it, but this is not always the case. You can study the data for WAVES here. [WAVES]. The 53rd largest cryptocurrency by market cap at the time of reporting was trading at $12.94. This is the decline after falling 3.73% last week and rebounding 4.39% last week.

Investors will have to wait and see if the decline in USDN today has the potential to affect WAVES’ price performance.

We all cheered for you!

USDN is making waves, but most investors have been busy keeping an eye on other stablecoins as the market crashes significantly. teraUSD [UST] Terra was separated from the nail and shocked viewers. [LUNA] It plummeted 51.19% in one day to trade at $29.73 at press time.

One factor that may have played a role in this development was Binance. stop withdrawal Exchanges cited for “LUNA and UST Tokens on the Terra Network” “Network slowdown and congestion” for interim reasons.

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