TechFlow, Oct. 12 — According to Coingecko data, the market cap of USDe, the stablecoin issued by Ethena Labs, has dropped from yesterday's level of approximately $13.5 billion to below $12.7 billion, currently standing at $12,660,245,970. This marks a decline of over $2.16 billion compared to its value of around $14.82 billion seven days ago.
During the cryptocurrency market crash on October 11, USDe significantly depegged from the U.S. dollar, plunging as low as $0.62 on some decentralized exchanges—a depegging of up to 38%. The price has since recovered back into the $1 range.
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