WAVES Gets Dragged Down By USDN, Despite Pumping Investor Distribution

Christian Encila

Last Updated: March 8, 2023 7:26 am

3 mins read

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There is enormous negative sentiment surrounding USDN. And with USDN continuously falling off its track, it’s also pulling WAVES down.

WAVES is the native token of the Waves blockchain. According to CoinMarketCap, the token is up by 0.23% or trading at $1.57 as of this writing.

There is very little improvement with its current figures.

Token up by 0.23% or trading at $1.57
USDN extremely volatile
Crypto down by 45% in the past couple of weeks

Waves blockchain confirmed the plunge of the Neutrino USD (USDN) stablecoin but insisted that the USDN, while built on top of the ecosystem, is completely detached from WAVES.

Nevertheless, as the value of USDN declined, it seems to be pulling WAVES further down as well.

Stablecoins are digital currencies whose value is anchored to that of a stable value asset, such as a fiat currency or a commodity price.

The excessive volatility of Bitcoin (BTC) and other major cryptocurrencies has made crypto investments less appropriate for everyday transactions; stablecoins try to address this problem by providing a more “stable” alternative.

Image: Altcoin Buzz

WAVES Down By 99% Off Its April 2022 ATH

Blockchain founder Sasha Ivanov has urged different crypto exchanges on Wednesday to cut off the futures markets that are connected to the crypto as she insists that it’s doing more harm than good.

The crypto exchanges included Kraken, Bybit, Binance, and OKX.

Ivanov on a Twitter post said:

“They are a breeding ground for FUD and making money off short positions, profitable because of it. I kindly ask all centralized exchanges to disable Waves future markets.”

Evidently, the blockchain native currency has nosedived by more than 45% as seen in the past couple of weeks.

In fact, its numbers now are completely off-track as it’s down by as much as 99% from its ATH as seen in April 2022.

Stablecoin Acting Erratic Lately

USDN has been extremely volatile.

The token’s most recent de-peg came following South Korea’s digital asset exchange association issuing a warning.

Crypto total market cap at nearly $774 billion on the daily chart | Chart: TradingView.com

According to Wu Blockchain, the Korean Federation of Exchanges (KFE) has issued an “investment warning” for WAVES.

The reason for this is because of the erratic price movements of the USDN stablecoin, which is intended to keep its $1 peg at all times.

WAVES was flagged as an “investment warning” by the Korea Federation of Exchanges. The reason is that the USDN stablecoin has been fluctuating rapidly. Upbit will decide whether to terminate the transaction within two weeks. https://t.co/wiB5gSfm7f

— Wu Blockchain (@WuBlockchain) December 8, 2022

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.