USDT Witnesses Surge in On-Chain Activity, Boosting Crypto Investor Buying Power

USDT Witnesses Surge in On-Chain Activity, Boosting Crypto Investor Buying Power

Crypto News – Santiment, a prominent crypto analytics firm, has highlighted a notable surge in on-chain activity for the leading stablecoin, USDT (Tether). USDT, designed to maintain a 1:1 peg with the US dollar, recently achieved a three-month high in active addresses, largely attributed to a rise in exchange deposits.

Earlier this week, Santiment observed that the volume of USDT on various exchanges had reached a level last witnessed in March 2023. This development has significantly amplified the buying power of crypto investors in the market.

The data from Santiment also revealed that USDT experienced a peak high of $16.96 billion on exchanges in August 2022, followed by a decline to a low of $7.12 billion in June 2023, indicating a substantial decrease of over 58% as depicted in their provided chart.

Furthermore, Santiment pointed out a noteworthy trend of accumulation among larger wallets holding between $1-10 million worth of USDT. This accumulation trend suggests a keen interest in potential future purchases of the top stablecoin.