The NIRV stablecoin loses over 90% of its value!

Welcome to a world of constant instability and frequent change. As the cryptocurrency sector slowly recovers, a stablecoin drops by more than 90% and shakes investors. If bitcoin shows positive trends, NIRV completely regresses.

The fall of Nirvana and its goods

Cryptocurrency markets are far 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 alert and carefully analyze each curve before making a trade.

The cryptocurrency winter has dealt a severe blow to the cryptocurrency industry. Markets are just starting to recover and investors are gradually regaining their position. While everything seems to be fine, some incidents remind traders of the fragility of the cryptosphere. In fact, the Nirvana Protocol lost $ 12 million. Drag its NIRV stablecoin and native token.

A flash loan causes Nirvana and its tokens to fall. In fact, the Solana-based protocol now runs a $ 12 million deficit. This is heard on its stablecoin and its ANA token.

Currently, the native token is trading at $ 0.654. The stablecoin recorded a decline of about 92%, from $ 1 to $ 0.09. According to some analysts, this decline was predictable. Indeed, the lack of liquidity is a major factor in the drop in ANA’s price to the floor.

Crypto: tough times for stablecoins?

The collapse of Terra Luna has had many consequences for cryptocurrencies. However, they are not the only ones affected as stablecoins have also suffered. The cryptocurrency industry offers huge earning opportunities. However, it can also turn into a nightmare if dropped heavily.

And that’s what caused the catastrophe of Earth and its UST stablecoin. Indeed, stablecoins are having a relatively bad time. NIRV is now paying the price after its recent drop. However, it is not the only one. In June, TRON’s stablecoin lost parity with the dollar during the cryptocurrency crash.

Although Justin Sun and his team announced that the situation was under control, investors remain skeptical as the Do Kwon token did the same before folding back. Tether, despite its reputation as a safe bet, has also followed suit, as has the USDN. Because of this, it appears that stablecoins are in trouble.

Another stablecoin sees its value drop after TRON (TRX) and Tether. The cryptocurrency industry is thriving and allows you to make quick profits. However, market instability often has consequences and the Nirvana Protocol is currently in the eye of the storm. It remains only to hope that NIRV does not follow the momentum of the TerreUSD stablecoin and instead takes Tether’s lead and rises again.

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Eddy Senga avatar

Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than writing informative articles and relax at the same time.

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