Sasha Ivanov, the founder of decentralized blockchain Waves, has asked crypto exchanges to deactivate futures markets tied to Waves' native WAVES token.

"Waves does not need waves futures markets." Ivanov wrote on Twitter. "They are a breeding ground for FUD and making money off short positions, profitable because of it. I kindly ask all centralized exchanges to disable Waves futures markets."

The WAVES (WAVES) token has plunged by more than 40% over the past two weeks. It's lower by 4.5% on Wednesday morning to $1.51 and now off nearly 98% from an all-time high set in April 2022.

The coin's slump has been attributed to the volatility of USDN, an algorithmic stablecoin that is designed to be pegged 1:1 with the U.S. dollar. The stablecoin is backed by the WAVES token and has de-pegged on multiple occasions this year.

On Tuesday of this week, Ivanov said that he will launch a new stablecoin while revealing a plan to stabilize USDN, which currently trades at just 49 U.S. cents.

This most recent depeg came after an "investment warning" from South Korea's Digital Asset Exchange Association, which includes Bithumb, Upbit, Coinone, Korbit and Gopax.