The crypto market has been crashing today and the bleeding market’s losses have been worrisome for investors in the domain. Therefore, a huge portion of the crypto investing community decided to shift to the various U.S. dollar-backed stablecoins which include Tether (USDT), USD Coin (USDC), and Binance USD (BUSD). However, the most notable gain in demand was for the mStable USD (MUSD) coin. The MUSD crypto was not only in the ‘green’ but also saw a 2000% increase in its 24-hour trade volume.
MUSD Crypto Price Today
According to the data by CoinMarketCap, this dollar-powered crypto gained 0.57% and traded at $0.996 at the time of writing on Monday, July 25, 2022. The market capitalization of the MUSD crypto stood at $40.9 million, up by 0.57%. The most notable increase was seen in its 24-hour trade volume, which skyrocketed by a whopping 2286.79% to $187,232.
The rise in demand might have also induced its price actions by large. This was because an unbelievable sight of the MUSD crypto price reaching a peak of $4.875 was spotted. The recorded high represented an increase of over 380% that too in a few minutes. There were multiple tweets marking the new all-time high of the crypto, which created a buzz on social media. This further led to a rise in demand for the token amid the prolonged crypto bearish trends.
Competitors’ Performance
Tether, the other stablecoin backed by the U.S. dollar, also saw a ‘green’ price action and gain in demand. However, the magnitude was not as significant as the MUSD crypto. In contrast, other such cryptos saw a drop. These coins’ performance (at the time of writing) has been briefly compiled here.
- Tether (USDT): The USDT coin was up by 0.01% and traded at $1.00. The market valuation of the crypto stood at $65.8 billion, up by 0.02%. The 24-hour trade volume for USDT saw a rise of 8.29% and was at $49.33 billion.
- USD Coin (USDC): The USDC crypto was down by 0.2% and traded at $1.00. The market valuation of the crypto stood at $55.08 billion, dipping by 0.04%. In contrast, the 24-hour trade volume for USDC saw a hike of 11.87% and was at $5.7 billion.
- Binance USD (BUSD): The USDC crypto was down by 0.10% and traded at $0.9983. The market capitalization of the crypto stood at $17.58 billion, declining by 0.02%. However, the 24-hour trade volume for BUSD saw a gain of 17.62% and was at $5.3 billion.
Therefore, the performance of MUSD crypto surely had to stand out. However, the unprecedented rise can also be an alarming signal. So, it is advised to be extremely cautious before thinking of investing in it.
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