May was a month to forget for the crypto market. As investors move on from a historic collapse and rock bottom sentiment, there are positives to take as we enter June.
) seemed to reap the reward amid the debacle as the above chart clearly indicates the top 10 largest whale addresses from each stablecoin show an increased trust level in these two assets, and coins moving in massive waves onto exchanges from USDT and UST . Binance USD also can’t be ignored, as the third-largest stablecoin grew to a nearly $19-billion market cap last month.
A series of major spikes in Dai’s velocity was seen weeks after Ether’s mid-November all-time high but has been fairly dormant in recent months. As long as this metric remains at low levels, there’s no threat of an isolated dump for ETH compared to the rest of the cryptocurrency market.On top of the low velocity on Dai, fees on the Ethereum network are approaching year lows. With so much stagnancy among many networks, this has caused the cost per transaction to decline.
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