Crypto analyst Andrew T (@Blocknalia), who is also part of the Nansen.ai team, tweeted this morning that smart money has not been buying USDC. He shared that USDC’s recent re-peg was retail-driven and that institutional and retail money remain skittish.
In his tweet, Andrew T stated that the total amount of USDC held by smart money wallets as well as overall smart money addresses are both at multi-month lows.
USDC has recovered its peg to the U.S. Dollar somewhat after its price rose 3.27% over the last 24 hours according to CoinMarketCap. As a result, USDC’s price stands at $0.9911 at press time.
USDC has also made its way to the top of CoinMarketCap’s trending list over the last 24 hours. At number 2 on the list is the meme token Shiba Inu (SHIB) followed by TABOO TOKEN (TABOO).
USDC is currently the second biggest stablecoin by market cap with an estimated market cap of $40,753,440,721. Its market cap also makes it the 5th biggest crypto project by market cap — ranking it below Binance Coin (BNB) at number 4 and above Ripple (XRP) at number 6 on the list.
The stablecoin’s biggest competitor, Tether (USDT), is ranked as the biggest stablecoin by market cap with its combined market cap estimated to be $71,811,531,724 at press time. This also ranks USDT as the 3rd biggest crypto project by market cap — ranking it below Bitcoin (BTC) and Ethereum (ETH).
Tether has been able to maintain its peg with the U.S. Dollar despite the recent turbulence and FUD in the crypto market.
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Source: Cryptocurrency - investing.com
