Smart Money Investors Remain Skittish Over USD Coin (USDC)
- Analyst Andrew T tweeted that smart money investors are still staying away from USDC.
- The tweet added that USDC’s recent re-peg was mainly retail driven.
- USDC’s price has recovered 3.27% over the last 24 hours.
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.
One thing I’m keeping my eye on: Smart Money is not buying USDC, and the total amount held by Smart Money Wallets as well as overall Smart Money addresses are both at multimonth lows. The repeg was retail-driven, institutional and professional money remains skittish pic.twitter.com/CyjFezTJjx
— Andrew T (@Blockanalia) March 13, 2023
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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