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TrueUSD, a stablecoin well-liked in the cryptocurrency market, experienced a ‘depegging’ incident during a significant sell-off event. This anomaly triggered the coin’s value to fluctuate against its usual benchmark of one US dollar.
Specifically, the coin dropped to a low of $0.84 on the Binance Exchange platform, a drop that was mirrored on Kraken. This depegging is unusual for stablecoins, which are designed to hold a stable value to mitigate the volatility of other cryptocurrencies.
The incident sparked discussions among crypto enthusiasts and experts. While TrustToken, the firm behind TrueUSD, has yet to comment on the issue, there are speculations that this could be due to market manipulations or a possible coin run.
Source: Coincodecap
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