Team stablon TrueUSD blamed the jump in prices for “checking bots”
Stablon TrueUSD (TUSD) is an asset with a fixed price, which was recently added in the list of cryptocurrency exchanges Binance to empower traders. However, the listing has caused an unexpected jump in the price of the asset, which has reached to $1.32, and buyers are faced with an immediate loss of 30% of their funds. While Binance suspended operations TrueUSD until may 22 to review the situation with such an active trade this coin.
At the time of preparation of the post course TUSD was $1,01 (according to Coinmarketcap) that is within 5% of the rate provided for by the development team. After starting stablon team warned that it is not necessary to bid for TUSD above $1,05.
Representatives TrueUSD immediately explained the situation on Binance, as the most probable cause of the jump activity called shopping bots, which have not yet dealt with the "health check" of the new asset. A stable exchange rate TUSD is not supported by the special efforts of a team or a mechanism affecting the course, as it happens, for example, with BitUSD.
The team explained:
TrueUSD experienced a sharp increase in demand after Binance announced the introduction of their quotes. We believe that bots and some traders made purchases TrueUSD immediately after the ad appeared.
Listing TUSD on Binance coincided with a huge surge of interest in this stabilio. For example, on may 16 289 wallet addresses contained 13 million tokens TUSD, however during the day the number of wallets this coin rose to 449. The team believes that the owners of the tokens much more when you consider those who keeps them on the exchanges.
Some buyers purchase TUSD directly in the application. Users are particularly attracted to the ability to transfer tokens between exchanges that allows to engage in price arbitrage. Many believe that stabilini, such as Tether (USDT), risky, but others say that more price risk when sending Fiat currency (and is sometimes impossible because of the strict control in the sphere of international Bank transfers).
Trade Tether also aktiviziruyutsya, and it now accounts for 30% of trade volume of bitcoin — once the share of the Japanese yen fell to 14%. USDT has become the second most common cryptocurrency, occupying 15.7% of the total market of digital currencies. USDT reserves — more than $2.3 billion — significantly higher than the turnover on the new stablon TUSD.
See also: competitor Tether — new stable token TrueUSD