Crypto Crash Latest News: Bitcoin, ETH, BNB, XRP, Solana, ADA, DOZE, DOT, AVAX up 13%
DEI Price Crash Latest News: Deus Finance’s stablecoin dei (DEI) is another so-called stable currency that could lose its peg with the US dollar, falling below 60 cents like the Terra USD (UST). DEI lost its peg on Monday and it is far from getting its near-dollar value back.
At the time of writing on Tuesday, the DEI price was $ 0.5657. According to CoinGecko, DEI prices have fallen more than 42 percent in the last seven days. In the last 24 hours, DEI values have dropped by more than 15 percent.
DEI has failed to raise prices although Deus said on its official telegram channel on Monday that the peg would be recovered within the next 24 hours.
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What is DEI Crypto?
DEI operates in a phantom-based decentralized financing (DeFI) project called Deus. Users can earn 1 DEI by depositing $ 1 in the form of assets like USDC, Fantom (FTM), DAI, WBTC or Deus.
Like UST, DEI is also an algorithmic stable currency. The arbitrage bot constantly monitors and adjusts the parallel rations of DEI. To confirm the peg, these bots constantly trade the $ 1 value of the underlying token for 1 DEI or vice versa.
According to crypto market observers, the DEI price may have crashed after traders exchanged their DEI tokens for USDC.
The current crash algorithmic has exposed the weaknesses of stable currency in the global crypto market. Theoretically, they should be automatically linked to the price of another cryptocurrency.
Deuce prices, meanwhile, have fallen by about 26 percent in the last 24 hours and by 64 percent in the last seven days. Phantom (FTM) prices have fallen more than 68 percent in the past month.
The Terra crash has led to the sale of other so-called stable currencies such as DEI, Waves’s stablecoin USDN.
The price of TerraUSD is now only around 12 cents while the price per token of Terra (Luna) has dropped from the recent high of $ 100 to almost zero.
((Cryptos and other virtual digital assets are unregulated in India. They are considered highly risky to invest in. Please consult your financial advisor before making any investment decision.)