Peg disruption in stablecoins has not been on the agenda for a long time, and interesting things are happening at the time of writing. On the OKX exchange, one of the largest exchanges in terms of volume, the PYUSD price rose well above its required level due to possible lack of liquidity and excessive buying demand.
PYUSD Reached 5 Dollars
The PYUSD price, which rose to $4.99 a few minutes ago, has just returned to $1, where it should normally be. In the chart below you see how the price reached $4.99. Even now, one of the whales pursuing speculative trading can enter a one-time buy order of $ 120 thousand, pushing the PYUSD price to $ 3.1. There is only 64,500 PYUSD selling liquidity in the order book on OKX exchange between $1.1 and $1.3.
This volatility is not good for the OKX exchange, and negligence related to market maker bots may have caused it. Exchange bots ensure that stablecoins remain balanced by maintaining sufficient liquidity. Among the possible scenarios, there is also the possibility that a user with a balance of 50-100 thousand dollars has entered the limit order incorrectly.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
