South Korea-based exchange Upbit has cautioned its users against investing in WAVES due to its high volatility resulting from the USDN depegging.
USDN is an algorithmic stablecoin backed 1:1 by WAVES. However, since USDN lost its peg below $0.8 on April 5th, it has failed to regain its peg, which has increased the price fluctuations of WAVES.
According to CryptoSlate data, USDN is currently trading below peg at $0.8 while WAVES has fallen about 12% in the last 24 hours.
As a result of WAVES increased price volatility, Upbit said on Dec. 8 that it looking to suspend the WAVES/KRW and WAVES/BTC pairs. However, it will monitor the asset over the next two weeks to determine its next line of action.
In the meantime, Upbit has cautioned against investing in WAVES as its volatility may result in unexpected losses for investors.
Efforts to save USDN
USDN stablecoin has been criticized and called a “Ponzi scheme” since April when it first depegged below $0.78.
In an attempt to restore USDN
We współpracy z: https://cryptoslate.com/waves-down-12-as-upbit-issues-investment-warning/
