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The recent breach of the peg in stablecoins has not been a significant topic until now, but intriguing events are occurring. As of the writing of this article, the price of PYUSD on OKX, one of the largest exchanges by volume, has surged dramatically due to potential liquidity shortages and excessive buying demand, reaching levels far above its expected value.
PYUSD Hits 5 Dollars
Just moments ago, the price of PYUSD climbed to 4.99 dollars before returning to its normal value of 1 dollar. The accompanying graph illustrates how the price reached 4.99 dollars. Currently, a whale, speculating on trades, has placed an order of 120,000 dollars that could pull the PYUSD price down to 3.1 dollars. However, the order book on OKX shows only 64,500 PYUSD available for sale between 1.1 and 1.3 dollars.
Potential Causes of Volatility
This volatility is concerning for OKX and may be attributed to negligence related to market-making bots. Exchange bots are responsible for maintaining adequate liquidity to stabilize the value of stablecoins. Additionally, there is a possibility that a user with a balance of 50,000 to 100,000 dollars mistakenly placed a limit order.
