The Tether network quietly achieved a 5-month high in new wallet creation, surpassing 31.3K addresses in a single day, and the highest since March 2024.<\/p>\n
This surge has coincided with rising network growth in Multi Collateral Dai, indicating a broader trend across stablecoins.<\/p>\n
According to Santiment\u2019s analysis<\/a>, 732 new DAI wallets were created, representing the fourth-highest figure since March 2024. Interestingly, the timing of these new wallets, emerging after a market recovery and without a significant decline in Bitcoin or Ethereum wallet activity, suggests that fresh capital might be entering the crypto market.<\/p>\n This could signal renewed trader confidence, with investors positioning themselves for potential future gains.<\/p>\n \u201cSince these new wallets are being created after a market recovery, and without any notable decline in Bitcoin or Ethereum wallets, this may very well be a sign that new money is being injected into crypto on increasing trader confidence.\u201d<\/p>\n CryptoPotato<\/em> reported<\/a> the stablecoins market cap, excluding algorithmic ones, reached a record high this week. According to data<\/a> compiled by DefiLlama, the figure is currently near $170 billion following almost a year of uninterrupted growth.<\/p>\n Tether\u2019s USDT tops the chart with over $118 billion in mcarket cap, followed closely behind by Circle\u2019s USDC with $34.43 billion. Meanwhile, DAI is the third-largest stablecoin by market cap with $5.36 billion.<\/p>\n Meanwhile, PayPal\u2019s US dollar-pegged stablecoin, PayPal USD, has quickly climbed up the ladder to position itself as the fifth-largest stablecoin with over $1 billion in market cap.<\/p>\n The influx of new funds in the market has come in a timely manner as BTC and the altcoins dumped<\/a> hard in the past 24 hours to multi-week lows. This could allow investors to allocate stablecoins into bitcoin or other assets.<\/p>\n The post New Money Preparing to Buy the Dip? Tether and Dai Wallet Creations Suggest So<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Tether network quietly achieved a 5-month high in new wallet creation, surpassing 31.3K addresses in a single day, and the highest since March 2024. This surge has coincided with rising network growth in Multi Collateral Dai, indicating a broader trend across stablecoins. According to Santiment\u2019s analysis, 732 new DAI wallets were created, representing the […]<\/p>\n","protected":false},"author":0,"featured_media":1727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1726"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1726"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1726\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1727"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}