The activity on the chain of the three largest coins in the stack exploded when Bitcoin (BTC) broke the $ 11,000 price barrier.
Stable currency growth
Several of the stacked coins, including the market-leading Tether (USDT), have experienced significant increases in market value recently. We see that the significant increases in USDT, DAI (DAI) and USDC (USDC) conversions have coincided with the recent rise of bitcoin. It is not clear from the chart whether this calculation can be considered a major or lame indicator.
Increasing the size of a stable currency conversion, unlike increasing trading volume, is the best representation of the use of a coin in the crypto system. While no real bullish trend can be achieved without introducing additional money, stable currencies seem to be working when it comes to bitcoin trading. Most of the whale elements seem to be traded in coins, not fiat.
300 million dollars exchange
Earlier today, Tether announced a $ 300 million conversion from TRON (TRX) to Ethereum:
The company did not provide reasons for the change, but it is likely that there is no demand on the TRON network.