The fundamentals of the Tether network leave much to be desired, since the lion's share of tokensconcentrated on 104 wallets in total. At the same time, the daily trading volumes of this stablecoin continue to outperform bitcoin.
Recently, Tether (USDT) looks softspeaking very controversial. But this does not prevent the token from continuing to rise. In fact, Tether is now the most popular cryptocurrency on the market and even boasts higher trading volumes compared to bitcoin.
However, the Tether network metrics are causing some concern. As IntoTheBlock recently found out, in this context, we can note both good and bad news:
What does all this tell us about USDT? Network metrics show that USDT dominates the market. The total volume of the largest transactions exceeds the performance of Bitcoin or Ethereum. However, the concentration of coins in a small number of wallets raises questions.
The fundamental reason for concern is that Tether is most likely not actually secured by the dollar at a 1: 1 ratio, and this is a serious warning signal.
Will this concentration of Tether tokens bringa small number of addresses damage the entire market - time will tell. If this house of cards is destined to crumble, the consequences of such a potential scenario should not be underestimated.
Do you consider Tether stable given the current token distribution? Should you be worried about this? Share your opinion in the comments.
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