Tether (USDT) Printed 250 Million Tokens: Is The Market Ready for This?
Tether (USDT) expanded its supply by 250 million tokens, and this is not yet the end, because the platform’s printing wallet is still open.
After the launch of another 250 million tokens, the total supply of USDT amounted to over $ 2.85 billion worth of cryptocurrency, influencing to a larger extent the crypto market.
The USDT’s share increased by over 22% compared to the period before the latest printing. Of the total USDT transactions, around 30% were used in pair with Ethereum (ETH).
“ALERT: Tether has just granted 250,000,000 USDT”- This is a tweet posted by FOMO Bot on 25th June.
ALERT: Tether has just granted 250,000,000 USDT https://t.co/EbkvGm6JbX – Mon Jun 25 14:06:13 2018
— FOMO Bot (@BotFomo) June 25, 2018
The announcement received both positive and negative reactions within the Tether community.
They will SLOWLY buy BTC for that USDT, then use Bitmex and margin leverage to push the price down. For another half of USDT will buy back BTC at lower price. Profit from any side
— Pawel Cioch (@SkironDotNet) June 25, 2018
— Salt Addict (@EthereumAddict) June 25, 2018
Tether will save us 😊 confirmed its real dollar. gg bears 😂
— Crypto- Whisperer (@cryptoriri) June 25, 2018
Currently, we cannot say with certainty how the new USDT will be spread. After the Tether’s printing in the third quarter of 2017, the Bitcoin price (BTC) increased considerably. Now, however, it is supposed that the supply will help EOS as well as other altcoins to increase its range of use.
According to CoinMarketCap, USDT ranks 10th due to the high volume of transactions. The crypto asset detonated even TRON, Monero, NEO, Dash, Ethereum Classic. In the last 24 hours, Tether recorded sales of $ 4,333,130,000, being traded at $ 1.00.
Online information indicates that the Tether platform owns financial resources for at least 2.5 billion tokens. However, it is not known whether funds from the bank account followed USDT printings or they were obtained over time on a sales basis.
Chef Tether 👨🍳 has returned to save Cryptocurrency! 250,000,000 USD Tethers fresh out the oven to save this bear market. #NotTheHeroCryptoDeserves #ButTheOneItNeeds #Cryptocurrency #Bitcoin #Ethereum pic.twitter.com/97GpuHtpgR
— Tetheral Reserve (@TetheralReserve) June 25, 2018
After the last printing in May, prices fluctuated weekly, influencing even BTC to fall below $ 6,000. Even so, the recent issue of USDT offers the crypto community hope of a potential crypto market pick up.