The sharp decline witnessed by Waves in June 2024 is due to several key factors. The most prominent reason is the continuous deterioration in the market value of the Neutrino USD (USDN), a stable currency supported by Waves, as this currency lost its connection to the US dollar, which led to a loss of confidence among investors.

In addition, the decision of some major cryptocurrency exchanges to delist and issue warnings about USDN further exacerbated the downturn. For example, Upbit removed USDN from its list, putting further pressure on the price of Waves

This decline comes in the context of a generally volatile digital currency market, as many digital currencies have witnessed sharp declines as a result of global economic turmoil and increasing market volatility.

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