According to DefiLlama, the stablecoin’s market cap has plunged 45% from its early October peak, coinciding with sharp price volatility during the October 11 crypto market crash.
Data from DefiLlama shows Ethena Labs’ USDe stablecoin market cap fell to $8.95 billion, down 45% from its early October high of $16 billion. The decline was accompanied by a temporary drop in USDe’s price to $0.65 on some decentralized exchanges during the October 11 cryptocurrency market crash.