Welcome to a world of constant instability and frequent change. As the crypto sector slowly recovers, the stablecoin is dropping by more than 90%, causing alarm among investors. If bitcoin shows positive trends, NIRV completely regresses.
The fall of Nirvana and its assets
Cryptocurrency markets are much more dangerous than you think. If some are wary of digital assets without knowing them, it would be better to be wary of them even when we understand them. Invest, but stay vigilant and carefully analyze each curve before making a trade.
Crypto winter has dealt a big blow to the cryptocurrency industry. Markets are just starting to recover, and investors are slowly regaining their positions. Although everything seems to be going well, some incidents remind traders of the fragility of the cryptosphere. Indeed, Nirvana Protocol lost $12 million. It is replacing its NIRV stablecoin and native token.
Instant credit causes Nirvana and its tokens to drop. Indeed, the protocol built on Solana now has a $12 million deficit. This is felt on its stablecoin and its ANA token.
The native token is currently trading at $0.654. The stablecoin recorded a drop of about 92%, from $1 to $0.09. According to some analysts, this fall was predictable. Indeed, the lack of liquidity is the main factor in the price of ANA falling to the floor.
Cryptocurrency: hard times for stablecoins?
The collapse of Terra Luna had many implications for cryptocurrencies. However, they were not the only ones affected, as stablecoins also suffered. The crypto sector offers huge earning opportunities. However, it can also turn into a nightmare if it falls hard.
And this is what led to the disaster of Terra and its UST stablecoin. Indeed, stablecoins are going through relatively bad times. Now NIRV is paying the price for its recent downfall. However, he is not the only one. In June, the TRON stablecoin lost parity with the dollar during the crypto crash.
Although Justin Sun and his team have announced that the situation is under control, investors remain skeptical as the Do Kwon token did the same before it fell. Tether, despite its reputation as a safe bet, has also followed suit, as has USDN. Because of this, it looks like stablecoins are in serious trouble.
Another stablecoin drops in value after TRON (TRX) and Tether. The crypto sector is thriving and allows you to earn fast. However, market volatility often has consequences, and the Nirvana protocol is currently at the center of the storm. One can only hope that NIRV does not follow the momentum of the stablecoin TerreUSD, but takes a cue from Tether and rises again.
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The world is changing and adaptation is the best weapon to survive in this changing universe. As a manager of the crypto community at the base, I am interested in everything that is directly or indirectly related to the blockchain and its derivatives. To share my experience and talk about a field that interests me, there is nothing better than writing informative and laid-back articles at the same time.