Stablecoin Development Corp goes boom then bust

Stablecoin Development Corp (SDEV), a company that’s designed to essentially hold and stake governance token SKY, has seen its stock price rocket nearly 1,000% — and subsequently plummet 92% — in a matter of weeks. Why it pumped and dumped so quickly isn’t clear. Protos previously reported on SDEV and it’s subsequent almost tenfold increase in price, but since then the price has collapsed to under $0.90, with a current market cap of $45 million. At the same time, a Substack going by Fugazi Research released an article questioning the foundations of Stablecoin Development Corp — including upcoming warrants that would dilute retail shareholders and flood the market with new, unpurchased shares.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Protos.