https://coingecko.com/en/coins/neutrino-usd shows USDN has a circulating supply of 1.08B & market cap of 1.00B. USDN is backed by #WAVES, for which CG has a market cap of 2,86B. The backing ratio is 175% per https://app.neutrino.at/buy-nsbt, meaning $1.75B in WAVES. 60%+ of all WAVES is backing USDN? Then we have to consider https://vires.finance/as/3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr - a single wallet using 545M USDN backing loans.. 545M USDN IS MORE THAN 50% OF ALL USDN OUT THERE - meaning more than 30% of all WAVES tied up backing it.
What would be the meaning of this?
Can you explain it easily?
It simply means that someone holding 30% of all WAVES ever has been involved in pushing the price higher and higher by creating USDN and using it to borrow USDT/USDC to buy more WAVES to repeat the cycle. It has the appearance of market manipulation, but could of course be the longest long in recent memory
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