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Ripple USD (RLUSD) Trading Volume Soars 2,000% Amid Questions
In a shocking turn of events, Ripple’s stablecoin, Ripple USD (RLUSD), has seen its trading volume skyrocket by an astonishing 2,000%, reaching a staggering $611 million. This monumental surge is all the more remarkable given RLUSD’s modest market cap of only $53 million.
As RLUSD becomes the fourth most-traded stablecoin in the market, concerns are emerging over the potential for low liquidity and manipulation. In fact, it has been discovered that an overwhelming 96% of the volume originates from Bullish, a platform backed by Peter Thiel. This raises red flags regarding the authenticity of the trading activity.
In a bizarre twist, validators on the XRP Ledger have suggested that Ripple products may be driving the volume rather than retail traders. This notion casts doubt on the legitimacy of RLUSD’s meteoric rise and has sparked widespread curiosity among market analysts.
Ripple is expected to release an attestation report detailing RLUSD’s asset backing later this month, which could potentially put these concerns to rest. However, until then, the crypto community remains skeptical regarding the true nature of RLUSD’s trading activity.
Stay tuned for further updates on this developing story!
Source: coinpedia.org
