GHO Stablecoin Hits $0.98 Target as Strategic Initiatives Spearhead Turnaround

By Bitcoin.com - 6 months ago - Reading Time: 2 minutes

GHO Stablecoin Hits $0.98 Target as Strategic Initiatives Spearhead Turnaround

Beginning in mid-July 2023, the stablecoin from Avara (previously known as Aave), a decentralized finance firm, consistently traded below its target $1 peg, reaching a low of $0.917 on October 24. Nonetheless, in recent weeks, the Liquidity Committee of the project undertook efforts to rectify this gap, setting a goal to elevate the stablecoin’s value to around $0.98 by the end of November. Thus far, the initiative has proven successful, as the committee managed to increase the token’s value to the targeted range.

Avara’s GHO Stablecoin Nears $1 Mark

Since its inception, the decentralized finance (defi) stablecoin from Avara struggled, initially trading at $0.99 per unit on its first day. However, it has not reached that level again. Over the subsequent 141 days, the project’s team and Liquidity Committee brainstormed strategies to enhance the coin’s value.

Their efforts included bolstering liquidity through the Maverick Protocol, creating a Bunni pool for GHO/USDC, and launching Uniswap Merkl campaigns for GHO/USDC and GHO/USDT pools. From November 24 to November 28, 2023, the value of GHO surged from the $0.95 mark to the $0.98 level, a first since October 1.

Since November 28, the stablecoin has consistently maintained a value of $0.983 per coin. As of December 2, 2023, GHO ranks as the 26th largest fiat-based stablecoin by market capitalization.

On Saturday, the circulation of GHO tokens stands at roughly 34,830,945. However, with GHO trading below one U.S. dollar, its market valuation is at $34.26 million.

Currently, 980 unique addresses hold GHO, with the top ten addresses controlling 61.01% of the total supply. Moreover, the top 100 holders of GHO stablecoin collectively possess 99.47% of all circulating GHO.

While GHO has not yet climbed back to the $0.99 or $1 mark, the likelihood of reaching these levels appears increasingly favorable. Currently, the stablecoin has risen 7.29% from its all-time low of $0.917 per coin, recorded on October 24, 2023.

What do you think about GHO’s parity struggles? Share your thoughts and opinions about this subject in the comments section below.

Original source: Bitcoin.com