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Can USDT’s market cap sail Tether’s boat through the ongoing market turmoil

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The USDT transaction volume reached a new high over the last four months according to Glassnode’s latest tweet posted on 7 November. With multiple factors in favor of USDT, it appears that the stablecoin may not be losing its dominance anytime soon. 📈 $USDT Transaction Volume (7d MA) just reached a 4-month high of 169,399,066.526 […]

Despite reaching a four-month high in terms of volume, USDT wasn’t able to compete with other stablecoins. As can be seen from the image below, USDT ranked third in terms of transfer volume. Furthermore, the transfer volume occupied 13.6% of the overall stablecoin space. Stablecoins such as USDC and DAI managed to dominte this domain.’s network growth showed a different image across different networks.

Even though the activity for USDT had increased, whales started to lose interest in the stablecoin. According to datathe number of addresses holding more than $1 million USDT had declined by 7.55% in the last 30 days.Despite losing interest from large addresses, the stablecoin still managed to be one of the most used smart contracts by Ethereum whales. According to

 

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