Market analysis reveals ongoing stability challenges for the stablecoin trueusd in maintaining its targeted $1 peg. As of 10:30 a.m. Eastern Time (ET) on Jan. 25, 2024, the token’s trading value fluctuated between $0.979 and $0.981. Concurrently, the Aave-developed stablecoin GHO has seen a rise to the $0.99 mark, a notable recovery considering its consistent trading below the peg since its debut in mid-July 2023.
GHO Climbs Close to Peg as Trueusd Continues to Fluctuate Below $1
Trueusd (TUSD), currently the fifth-largest stablecoin by market capitalization, has been experiencing fluctuations below its U.S. dollar peg since Jan. 15, 2024. On Jan. 17, TUSD’s value dipped to $0.9709 per unit. Although it briefly recovered to the $0.99 mark the next day, as of 10:30 a.m. ET on Thursday, TUSD was trading between $0.979 and $0.981.
This trading range impacts its market valuation, especially with a circulating supply of 1.864 billion TUSD tokens, bringing its market capitalization to approximately $1.829 billion. In the last 24 hours, TUSD has seen a global trade volume of $60.55 million. Binance, a leading cryptocurrency exchange, emerges as TUSD’s most active trading platform and the principal holder of its Tron and Ethereum supplies, as indicated by wallet statistics.
As TUSD struggles, GHO, the stablecoin created by Avara (previously Aave), has achieved a significant milestone by reaching the $0.99 range on Jan. 25. Since its launch in July 2023, GHO has consistently traded below its target peg. The Avara team implemented various strategies to elevate its value. On Oct. 24, 2023, GHO’s value hit a low of $0.917 per unit. However, by early December 2023, it had ascended above the $0.98 mark.
Fast forward to Thursday, Jan. 25, 2024, and GHO marked its first ascent above the $0.99 range since inception. Remarkably, the stablecoin peaked at $0.994 before briefly dropping to $0.989. Since 9:40 a.m. (ET), GHO has consistently maintained above the $0.989 level. Reflecting this upward trend, the decentralized exchange (dex) Curve Finance recorded GHO trading at 0.9965 per unit as of 11:25 a.m. ET.
What do you think about TUSD’s issues with holding it’s intended peg? What do you think about GHO jumping above the $0.99 range on Thursday? Let us know what you think about this subject in the comments section below.
from Bitcoin News https://ift.tt/aZd951N
https://ift.tt/Bg1GAMz
0 Comments