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Tether (USDT) has seen a significant surge in the minting of new tokens over the past five weeks, with a 6% increase according to Santiment. This sudden rise in the creation of USDT suggests that key stakeholders are increasingly confident in the cryptocurrency market.
As Bitcoin’s value plummeted below $85,000, it appears that whales are preparing to take advantage of this dip. The simultaneous minting of over $1 billion worth of Tether tokens indicates a high degree of anticipation and potential buying activity among major investors.
This surge in USDT minting is particularly noteworthy given the current market conditions. Despite Bitcoin’s volatility, significant whale activity has been observed across multiple assets, including XRP and other altcoins.
In particular, a withdrawal of 40 million XRP worth approximately $83.57 million was detected leaving the Bithumb exchange for an unknown wallet, sparking speculation that a major investor is accumulating XRP.
It remains to be seen whether this sudden increase in USDT minting and whale activity will translate into market movement. However, the data suggests a heightened level of confidence among key stakeholders, potentially paving the way for increased investment and trading activity in the coming days and weeks.
Source: https://u.today/1-billion-usdt-minted-as-bitcoin-whales-prepare-to-buy-dip
