Neutrino USD Loses Peg as WAVES Dives, But Developer Claims It Will be ‘Absolutely Fine Very Soon’

Source: AdobeStock / Casimiro

Neutrino USD (USDN), the flagship stablecoin of the Waves network, lost its peg to the US dollar following the allegations that the project’s founders had been artificially pumping WAVES, the project’s native token.

Waves, which was trading around USD 31 on March 28, nearly doubled its value in a matter of days to surpass the USD 60 mark by March 31. However, the coin started plunging earlier this month as some users claimed the team had artificially impacted prices.

At 7:57 UTC, Waves is trading at USD 35.04, down by more than 22% over the past 24 hours. It’s also down 22% over the week.

WAVES 7-day price chart. Source: coingecko.com

This crash has also affected the network’s stablecoin USDN, which fell to as low as USD 0.72 from its USD 1 peg at one point over the past 24 hours. The stablecoin has since pared some losses and is currently trading around the USD 0.813 price mark, down 11%, according to data by CoinGecko.