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Market analysis reveals ongoing stability challenges for the stablecoin trueusd in maintaining its targeted $1 peg. As of 10:30 a.m. Eastern Time (ET) on Jan. 25, 2024, the token’s trading value fluctuated between $0.979 and $0.981. Concurrently, the Aave-developed stablecoin $GHO has seen a rise to the $0.99 mark, a notable recovery considering its consistent trading below the peg since its debut in mid-July 2023.
$GHO Climbs Close to Peg as Trueusd Continues to Fluctuate Below $1
Trueusd ($TUSD), currently the fifth-largest stablecoin by market capitalization, has been experiencing fluctuations below its U.S. dollar peg since Jan. 15, 2024. On Jan. 17, $TUSD’s value dipped to $0.9709 per unit. Although it briefly recovered to the $0.99 mark the next day, as of 10:30 a.m. ET on Thursday, $TUSD was trading between $0.979 and $0.981.
This trading range impacts its market valuation, especially with a circulating supply of 1.864 billion $TUSD tokens, bringing its market capitalization to approximately $1.829 billion. In the last 24 hours, $TUSD has seen a global trade volume of $60.55 million. Binance, a leading cryptocurrency exchange, emerges as $TUSD’s most active trading platform and the principal holder of its Tron and Ethereum supplies, as indicated by wallet statistics.
As $TUSD struggles, $GHO, the stablecoin created by Avara (previously Aave), has achieved a significant milestone by reaching the $0.99 range on Jan. 25. Since its launch in July 2023, $GHO has consistently traded below its target peg. The Avara team implemented various strategies to elevate its value. On Oct. 24, 2023, $GHO’s value hit a low of $0.917 per unit. However, by early December 2023, it had ascended above the $0.98 mark.
Fast forward to Thursday, Jan. 25, 2024, and $GHO marked its first ascent above the $0.99 range since inception. Remarkably, the stablecoin peaked at $0.994 before briefly dropping to $0.989. Since 9:40 a.m. (ET), $GHO has consistently maintained above the $0.989 level. Reflecting this upward trend, the decentralized exchange (dex) Curve Finance recorded $GHO trading at 0.9965 per unit as of 11:25 a.m. ET.
What do you think about $TUSD’s issues with holding it’s intended peg? What do you think about $GHO jumping above the $0.99 range on Thursday? Let us know what you think about this subject in the comments section below.