The Impact of TrueUSD’s Peg Loss: Which Cryptos Are At Risk?

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10 Min Read

The cryptocurrency market is currently facing a significant challenge with the depegging of the stablecoin TrueUSD (TUSD). TrueUSD (TUSD), which is supposed to maintain a 1:1 peg with the U.S. dollar, fell to $0.985. This decline began around January 15, with the coin dropping to $0.984 by 23:15 UTC. This situation has been exacerbated by a massive sale of TrueUSD (TUSD), with over $340 million worth of tokens sold in the last 24 hours, resulting in a net outflow of more than $43 million. The depegging of TrueUSD (TUSD) has raised concerns in the crypto community, especially following rumors that the issuer of TrueUSD (TUSD) was struggling to publish a report on the collateral backing the coin. This issue comes on the heels of the BNB cryptocurrency exchange releasing TrueUSD (TUSD), shortly after American regulators initiated an investigation into the issuer of another stablecoin, BNB USD (BUSD), operated by Paxos.

In the broader context of the crypto market, this incident with TrueUSD (TUSD) has cast a shadow over other cryptocurrencies that were supposed to bring stability into the market. New market players probably shouldn’t be worried at all since they embrace a different culture of long-term strategy and sustainability, but the older, more established projects in the market may face challenges. Instead of worrying about which altcoin is going to be depegged next, get in line for major potential growth opportunities that could emerge in 2024. Our list features the most promising emerging altcoins with real potential for rapid expansion.

ScapesMania: A Newcomer to the Crypto Scene

ScapesMania emerged as a one-of-a-kind gaming ecosystem that caters to two distinct audiences. It offers casual gamers an immersive experience while empowering crypto enthusiasts to enjoy the rewards of the project’s performance and actively shape its future.

For many crypto enthusiasts, ScapesMania has already become one of the top new projects for 2024 and beyond. The community’s excitement is evident as the project has successfully raised over $4,445,000 to date solely from crowd/retail contributions, and this figure is growing by  $43,000-$85,000 daily.

Presale Opportunities

If you’re looking for more predictable growth, take a closer look at ScapesMania’s proposition. The presale offers buyers a chance to reap the early bird advantage by acquiring tokens at a whopping 25% discount. Once the presale finishes, the listing price is set at $0.1 per coin, hinting at the possibility of lucrative returns for early adopters.

Note that the discount won’t last forever – the clock is ticking and all interested in leveraging this offer need to act fast. Also, while it’s still somewhat breaking news, you have enough time to follow the crypto whales – they recently made their move to acquire plenty of ScapesMania.

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Growth Potential

A closer examination of ScapesMania’s tokenomics and other features provides insight into why it could be one of the best altcoins to hold now. The ecosystem operates within the flourishing $376 billion gaming industry which is only projected to grow, reaching $521.60 billion by 2027.

Furthermore, ScapesMania holders can benefit from a variety of incentives, including buyback, burn, and staking opportunities. Early buyers also have the chance to receive up to +107% in bonuses.

The innovative core idea, impressive presale figures, $100,000 giveaway, undying social media hype, and other positive aspects suggest that ScapesMania could continue its winning journey. The listing date is almost here, so there’s a very limited time frame for you to secure your position. It really is an exclusive opportunity to be a part of the launch of ScapesMania and to potentially benefit from it.

Join Presale at a Discount on the Official Site

If you’re already on board with everything that ScapesMania has to offer, there’s a unique opportunity for you: a special offered code, ENR786. The limited-time offer is only valid for a limited time since the article’s publication. It’s your best chance to get a bonus of 10% after entering ENR786 in a special field at checkout, so act fast, the clock is ticking.

Polygon (MATIC): A Closer Look at Its Market Dynamics

Polygon (MATIC) is experiencing a notable buzz in the crypto industry, with its proof-of-stake (POS) system achieving higher trading volumes than Ethereum on certain days. This surge in activity is partly attributed to Polygon (MATIC) recent partnership with Fox Corporation for content verification, which utilizes the Polygon blockchain. Additionally, Polygon’s daily active addresses have surpassed those of Solana (SOL), indicating a growing user base.

Polygon (MATIC) price has been fluctuating within a range of $0.784 to $1.124. The 10-day moving average stands at $0.858, while the 100-day moving average is at $0.779. The support levels are identified at $0.256 and $0.597, with resistance levels at $1.278 and $1.619.

Polygon (MATIC) recent achievements and partnerships suggest a positive outlook. However, the price is still trading within a bearish pattern, indicating potential challenges ahead. The key will be breaking through the resistance levels to sustain growth. The network’s ability to support enhanced activity and attract more partnerships will be crucial for its future success.

Solana (SOL): Gearing Up for Altcoin Season

Solana (SOL) is gaining attention as a potential leader in the upcoming altcoin season. The Altcoin Season Index has crossed the critical threshold of 75, signaling a shift in the market from Bitcoin to altcoins like Solana (SOL). Solana high throughput and low transaction costs have contributed to its rising popularity.

Solana (SOL) price range is currently between $64.84 and $132.36. The 10-day moving average is $97.12, and the 100-day moving average is $64.26. Support and resistance levels are at $27.97, $163.01, and $230.54, respectively.

Solana (SOL) recent price performance shows a bullish pattern, with a potential breakthrough if it closes above $106 on a four-hour chart. This could lead to a surge towards the $150 zone. However, the cryptocurrency market’s volatility requires caution, as the momentum may not sustain in the long term.

Polkadot (DOT): Maintaining Momentum into 2024

Polkadot (DOT) posted its Q4 2023 update, highlighting growth in its staking ecosystem and transactional data. The blockchain experienced an uptick in transactions towards the end of December, with its native cross-consensus messaging format, XCM, also seeing increased activity.

Polkadot (DOT) price range is currently between $5.85 and $10.06. The 10-day moving average is $7.56, and the 100-day moving average is $5.97. Support and resistance levels are identified at $3.50, $11.93, and $16.15.

Despite the positive metrics, Polkadot (DOT) price action turned bearish, with a more than 1% decline in the last 24 hours. The blockchain’s improved stats in 2024 indicate potential for growth, but the recent bearish trend and market volatility pose challenges. The ability to maintain high network activity and staking growth will be key factors in determining Polkadot (DOT)  future performance.

Conclusion

The depegging of TrueUSD (TUSD) has significantly impacted the cryptocurrency market, highlighting the volatility and interconnectivity of digital currencies. This event emphasizes the fragility of stablecoins and their influence on the crypto ecosystem. Amidst this change, it makes sense to look at projects that are offering bigger growth opportunities and have more to gain than stablecoins. For example, ScapesMania is a highly impressive project set to show great results with the ever-lucrative gaming niche.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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