๐ฅ $TUSD Turmoil Unveiled: The Unpegging Saga! ๐
The unraveling of #TrueUSD 's (TUSD) depegging mystery is a rollercoaster of events that shook the crypto landscape. Here's your comprehensive guide to the saga:
๐ Backdrop:
On Jan 15, #Binance dropped a bombshell, announcing a farming initiative for MANTA by staking #BNB and FDUSD, explicitly excluding TUSD. The announcement triggered a sell-off as TUSD holders rushed to offload their holdings.
๐น Market Reactions:
Binance trading data reveals substantial sell-offs, predominantly by whales. In the last 3 days, there's been a massive outflow of -$337M.
๐ On-Chain Insights:
The circulating supply of TUSD plummeted by 1.4B (TUSD) or 43% in the past 2 months. Notably, Binance holds a staggering 1.7B TUSD, constituting 90.4% of the circulating supply.
๐ Whale Moves:
A dormant whale, inactive for ~560 days, suddenly deposited 2.5M TUSD to Binance after the depegging, potentially redirecting it to other stablecoins.
The wallet address is ๐
0xd8Db5a6d2448ab29165332eB514a716B3ED8b0B9.
๐ฅ Repegging Initiatives:
Two whales, including @JustinSun (suspiciously identified as "TT2T17"), are strategically buying #TUSD to realign it with the peg. "TT2T17" burned 104M TUSD post-depegging, deposited 200M USDT to Binance, and withdrew 139.56M TUSD.
The wallet address is ๐
TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N.
๐ฐ Reserves Check:
Collateral Ratio: 101.16%
TUSD Supply: $1,911,764,530
Escrowed Collateral: $1,933,973,827, including US Treasury Bills, First Digital Trust Limited, and US Dollars Cash.
๐จ Disclaimer:
The provided information is based on available data and should not be considered financial advice. Cryptocurrency markets are highly volatile, and readers are encouraged to conduct their own research.
The TrueUSD tale continues to unfoldโstay tuned for more updates in the crypto saga! ๐๐
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