So, three days ago I wrote this article. I rather casually explained how Djed and it's pegging coin Shen work. Today I will try to analyse what have happened in this three days.
Let's start off with Shen.
Shen price acted quite normal, decreasing from its current ATH of 0.524$ to at the time of writing this article 0.444$. Its a common thing for a new listed coin to depreciate at first. Nothing unusual besides a low recorded trading volume of 17.400$ and not yet listed market cap.
Let's talk about Djed.
Djed have been floating around 1$, decreasing below it's point once, hitting its All Time Low of 0.975$. Currently priced at 1.02$, typical to Algo Stablecoins its price is not entirely stable. We will see in not distant future how will Djed try to keep its peg.
And finally, a cause of all this commotion, Cardano.
Since the release of its stablecoin, Cardano have been increasing in price. Currently standing at 0.402$, with an increase of almost 60% from its 1 year low of 0.244$. Cardano price might be increasing due to release of Djed and also because of anticipation of hard fork, taking place at February 14. This upgrade will focus on interoperability between blockchains such as Bitcoin and Ethereum by bringing ECDSA and Schnorr cryptographic signatures.
None of information in this article should be considered a financial advice, it's my own analysis and facts I wanted to share with this wonderful community.
