As you might have already heard, the cryptocurrency market is quite volatile. This is why it is so hard to keep track of what has happened over the past few months. As a result, some of the projects that were once on the top may no longer be worth anything at all. The question of the moment is, why has GYEN crypto coin's value dropped on Coinbase? We are here to give you more details on what happened. Keep reading to find out.
What Happened to GYEN Crypto?
GYEN is a stable coin built on the Ethereum blockchain, backed by the Japanese Yen (JPY). GYEN crypto is the first regulated digital JPY and is strictly pegged 1:1 to the Japanese Yen.
On November 16, Coinbase Pro launched GYEN crypto on its platform. Following the launch, the GYEN crypto skyrocketed by 347% to $0.0313 in just 2 days. But as time went by, the value of GYEN crypto began to drop. On November 19, the coin price dropped by 298% to $0.0105.
Again, the value of GYEN crypto continued to decline. It was a rather disappointing start for GYEN crypto to begin with, and it seems that things didn’t improve much after the initial surge. Overall, GYEN crypto is struggling and is still a long way from being an attractive option at the moment.
According to Coinbase, GYEN crypto is currently trading at$0.0087USD. GYEN is 100% below the all-time high of $5,353.87. Furthermore, the price declined by 0.06% in the last 24 hours and the current circulating supply is 2,733,961,999 GYEN.
Why Has GYEN Crypto Coinbase Value Dropped?
Apparently, the bull run of GYEN crypto didn't last any longer. The price has dropped considerably over the past week. The cryptocurrency market is known to be very volatile. Therefore, each and every coin's value including the GYEN crypto is always at risk of falling.
Unfortunately, for GYEN crypto, things got worse when the price began to plummet, as Coinbase Pro disabled trading, deposits and withdrawals for GYEN. It is said that the platform encountered some technical issues regarding GYEN crypto trading.
On November 19, Coinbase Pro updated its support page with the following message:
Due to technical reasons, we've disabled trading, deposits and withdrawals for GYEN and POWR. Our teams are working to fix this as quickly as possible - we apologize for any inconvenience and appreciate your patience.
Currently, there are no technical issues in trading GYEN crypto on Coinbase. It's smooth and seamless as it used to be.