Protos reports that Stablecoin Development Corp (SDEV) shares have plummeted 92% after a multi-week surge of nearly 1000%, with its market cap now reduced to $45 million. The company's primary business is holding and staking the governance token SKY. Protos previously reported on SDEV's nearly tenfold stock price increase, but its shares have fallen below $1 since October 14. During the same period, Fugazi Research published a report questioning SDEV's fundamentals, pointing to expiring warrants that could dilute retail shareholders and inject new shares into the market, which may have contributed to the stock price decline. Despite this, Protos notes that the reason for the company's stock once being valued at $500 million remains unclear. Additionally, Tether holds SDEV warrants that became exercisable on October 16, but no SEC filings currently indicate that Tether has exercised them.