Turkish users heavily preferred Waves (WAVES) altcoin After the rumors around it, both the coin itself and the ecosystem’s stablecoin, USDN, lost serious value.
According to the development shared by Chinese journalist Coin Wu, WAVES has been marked as an “investment alert” by the Korean Federation of Exchanges. This is because the USDN stablecoin is fluctuating rapidly. Upbit will decide within two weeks whether to terminate WAVES transactions.
South Korean cryptocurrency exchange Upbit issued the following message to its users on the subject:
“We announce that WAVES (Waves) has been marked by the Digital Asset eXchange Association (DAXA) with an Investment Alert. DAXA can jointly take measures to protect the investor, such as a call for investment caution/caution, flag an investment warning, and end market support.”
The reason for marking the coin by South Korean authorities was as follows:
“WAVES is a digital asset used as collateral for USDN, a stablecoin that aims to fix its value to 1 USD by algorithm. Currently, the value of USDN is not fully indexed to $1.”
The price of USDN, the stablecoin of the WAVES ecosystem, is trading at $0.86 at the time of this writing. However, it should be noted that the price of this stablecoin has already been seriously below $1 since June.
The WAVES price, on the other hand, took a hit after Upbit’s statements and made a sudden decrease. At the time of writing, the WAVES altcoin price is trading at $2.05 after a 12% drop in the last 24 hours.
*Not investment advice.
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