No products in the cart.
- Latest
- Trending
ADVERTISEMENT
The token of Waves (WAVES), a decentralized application (DApp) creation platform, has plummeted after its underlying algorithmic stablecoin failed to maintain its peg to the US dollar.
Starting at $2.38 on Dec. 1, Waves is currently trading at $1.75, down nearly 27%.
Low-cap Ethereum (ETH) rivals are suffering huge losses after the Digital Asset Exchange Alliance (DAXA) flagged the token with an investment warning. The South Korean Cryptocurrency Exchange Association cites WAVES as collateral for the stablecoin Neutrino USD (USDN).
Following DAXA’s warning, two of South Korea’s major cryptocurrency exchanges, Upbit and Bithumb, have removed Waves from their platforms.
wave To tell There is some misconception about the relationship with USDN. In a statement, the platform said that depegged stablecoins are not inherently linked to WAVES.USDN is just another project built on the blockchain that uses tokens as collateral. I explain that it does not.
The only way USDN can directly affect the price of WAVES is by redeeming WAVES from contracts and selling WAVES on the market.
Don’t miss a beat subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitter, Facebook When telegram
Surf The Daily Hodl Mix
 
Featured Image: Shutterstock/Quardia/Sensvector
