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Tron’s Stablecoin USDD Lost Dollar Peg Again

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Last week, the Tron ecosystem took a big hit as the USDD stablecoin lost its peg to the U.S. dollar. This fact caused concern among traders, as USDD was launched last month as a competitor to the algorithmic Terra UST stack coin, which had already ceased to exist.

USDD fell to a new low of $0.93 on Sunday before returning to the $0.95 area. According to CoinGecko, Stablecoin is currently trading at $0.96 with a daily gain of 0.9%.

Importantly, over the last week USDD lost about $19 million in market capitalization. From the market size of $715 million on June 13, there was a drop to $697 million.

After Tron DAO canceled the stablecoin peg, it increased its reserves by adding $300 million to USDC. The total collateral value supporting USDD is now $2.34 billion, including assets such as 14,040 BTC and $1.08 billion in USDC.

Stable coins due to cryptocurrencies and rising capitalization due to high stacking yields have been at risk with the overall market decline. Passion for UST (Terra) has not yet subsided, as USDD network Tron faces a systemic crisis.

Stablecoin UST was in the top 3 by capitalization in April with $20 billion, most of which was contributed to the Anchor platform for a 20% annual return. Terra used both the network’s internal LUNA coin and a $3 billion crypto fund to keep UST pegged to the U.S. dollar.

It is unknown whether the collapse was caused by a lack of system resilience, an external attack, or employee malice (the South Korean police are investigating). Nevertheless, UST lost its peg to the dollar, after which the crypto fund was depleted and Luna collapsed.

On May 05, Justin Sun unveiled the new stablecoin USDD, which is a calico of UST. Just as LUNA provided stability for UST, the TRX network Tron is responsible for pegging USDD to the dollar. To attract investors to his project, Sun offered over 30% returns for steaming.

At first it had an effect, and TRX was up at the end of May. But the holiday didn’t last long: on June 13, USDD lost its connection with the dollar, and TRX fell 22%.

Now Tron is trying its best to get the rate back to normal. On June 15, the network announced it was buying an additional TRX worth 100 million USDC. That wasn’t enough, as the stablecoin is still trading at a discount.

Justin Sun continues to guffaw on social media and wonders why there is low confidence in USDD when the reserve exceeds issuance by a factor of three. On the other hand, the community is confused as to why Tron can’t hold the rate of Stablecoin with ample collateral.

The coming days could prove to be critically difficult for Tron and its investors. If Justin Sun stops additional injections and the USDD rate does not recover, the TRX will be subject to a massive sell-off.



Cryptocurrency

Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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Cryptocurrency

3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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