Synthetix’s synthetic USD (sUSD) stablecoin has experienced another significant depeg, plunging below $1 in recent weeks. This follows a similar incident earlier this year and raises concerns about the stability mechanisms of the project. 💔 The cause? Overabundance of sUSD tokens, leading investors to sell en masse, according to Synthetix’s core developer, Fenway. Despite introducing new price-locking mechanisms, these efforts failed to restore the stablecoin peg. 😥 The depeg has further deepened, with sUSD now trading at a reduced value of $0.694. 📉 This mirrors the dramatic events witnessed in 2022 when crypto markets experienced a significant downturn. The collapse of Terra’s algorithmic stablecoin, TerraUSD (UST), serves as a stark reminder of the risks associated with unstable assets. 😲 The future of sUSD remains uncertain, adding to the anxieties of investors. **Please remember this is not financial advice.**