12/18/2023 0 Comments Titan tokenAs the whales dumped their enormous supply of coins into the market, the supply increased drastically compared to the demand, which in turn lead to a steep fall in price. As per a report by The Register, the massive decline in price was lead by a group of whales who owned a majority of the Titan Token coin. Why did Titan Token Crash?Īs mentioned above, the cryptocurrency Titan crashed from $60 to almost $0 on June 16, within a matter of a few hours. At the time of writing, the Titan price has fallen to $0.000008504. While many may consider this a good opportunity to buy the coin at a cheap price, the volatility in this coin is a dangerous factor that should be considered, and it is unlikely the coin will climb back up to its previous price. At the time of writing this article, Titan token can be bought from the following exchanges - Titanswap, Huobi, CoinTiger. A crypto exchange is a market where people can buy, sell and trade cryptocurrencies. Titan token is a fairly unknown coin that is not popular among the mainstream crypto community, so it is not yet available at major crypto exchanges yet. Read on to know more about the Titan token crash and where to buy Titan Token. The token tracker page also shows the analytics and historical data. Titan Token is a part of a cryptocurrency network called Iron Titanium. A crypto whale is someone who has huge amounts of a particular cryptocurrency, so much so that their buying and selling can influence the market price. IRON Titanium Token (TITAN) Token Tracker on PolygonScan shows the price of the Token 0.00, total supply 35,005,725,274,582.631880919480572436, number of holders 141,262 and updated information of the token. As per reports, this sell-off frenzy of Titan Token was driven by a group of whales, who held the majority of Titan Token. ![]() “What happened is just the worst thing that could possibly happen considering their tokenomics.A cryptocurrency called TITAN crashed on Wednesday, June 16, going from $60 per coin to nearly 0 in a matter of a few hours. “There was no rug pull or exploits,” Schebesta said. That value has since dropped to around $356.5 million, according to the protocol’s own dashboard. The project has responded by offering redemptions in USDC but reminded users they will need to wait 12 hours for a timelock feature to pass before it can be executed.Īt one stage, Iron Finance had over $2 billion in total value locked on Polygon. When the dust settled, TITAN was near zero and IRON was last seen trading way off peg, at around $0.69. In the beginning, users were receiving a return of an incredible 2%-5% per day. “It was a crypto vortex of money,” Schebesta said. That caused an arbitrage opportunity in the difference in price of IRON and TITAN, which in turn flooded the market with even more TITAN tokens, adding additional selling pressure and destabilizing IRON’s price even further. As the selling by large holders further decreased the value of IRON, it triggered the stablecoin’s mechanism that mints TITAN and removes liquidity in a bid to stabilize IRON to $1. In turn, as TITAN began to fall in dramatic fashion, so did the pegged value of IRON. ![]() A bank run refers to a situation when a large percentage of users attempt to withdraw their money at the same time believing the bank, or in this case, the protocol, will cease to exist. ”Īs the big investors began to offload their TITAN tokens, they flooded the market with excess tokens, causing a bank run. This caused whales to start selling,” Fred Schebesta, founder of and an Iron Finance investor, told CoinDesk via Telegram. “TITAN’s price went to $65 and then pulled back to $60. Related: In Token Crash Postmortem, Iron Finance Says It Suffered Crypto’s ‘First Large-Scale Bank Run’ ![]() Conversely, when the price of TITAN falls dramatically, as was the case on Wednesday evening, the peg becomes unstable. ![]() In the case of IRON, which receives its collateral backing from TITAN, users may mint new stablecoins through a mechanism on Iron Finance’s network by locking up 25% in TITAN and 75% in USDC.ĭue to how the “tokenomics” of this particular DeFi project functions, when new IRON stablecoins are minted, the demand for TITAN increases, driving up its price. Stablecoins are cryptocurrencies whose value is attached to financial assets such as commodities or government-issued currency in a bid to keep them stable. The stablecoin, in turn, consists of Circle and Coinbase’s stablecoin, USDC, as well as TITAN, and was pegged to $1. The project was attempting to boot a partially collateralized stablecoin known as IRON. TITAN belongs to Iron Finance, a project that began bridging to Polygon’s chain on May 18 in a bid to tap into Polygon’s efficiency and low transaction fees. Related: Curve DAO Contemplates Its Intellectual Property
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