Sharks and whales turn to stablecoins, signaling bull run
Sharks and whales have accumulated stablecoins while bitcoin consolidates between $30,000 and $31,000.
According to Santiment, DAI and paxos standard (USDP) addresses holding between $100,000 and $10 million stablecoins have risen significantly since June 27.
Moreover, the market intelligence platform states that investors have already added 2% of DAI’s total supply since June 27.
Similarly, sharks and whales have added around 11% of the USDP supply since July 2, showing rapid growth. Usually, when investors turn to stablecoins, according to Santiment, there’s a possibility of a bull run in the near future.
On the other hand, the market capitalizations of the top stablecoins are already down. USDT and USDC market caps are down by 0.03% and 0.49% in the past 24 hours. Their 24-hour trading volumes have seen notable hikes — marking 12.6% and 10.1% surges, respectively.
DAI and USDP have also witnessed a downfall in their market capitalizations, down by 0.11% and 6.6% in the past 24 hours — roughly $4.65 billion and $615 million at the time of writing. Unlike USDT and USDC, DAI and USDP’s trading volumes have also turned red. Their caps are currently at $67 million and $1.3 million, respectively.
On July 12, Tether Treasury minted 1 billion USDT tokens on the Tron network, raising its market dominance to 65%. The second-largest stablecoin issuer, Circle, is eying to launch a stablecoin in Japan as new policies come into place.
