Place/Date: - June 6th, 2023 at 6:15 pm UTC · 3 min read
Tether coin is the largest stablecoin issuer and its market cap has successfully recovered, buffeting a long period of a bear market within the crypto industry. The collapse of TerraUSD led to the stablecoin market losing billions of dollars and Tether was hit hard, losing $20 billion in value.
Tether’s coin – USDT – operates like a typical stable coin, maintaining a 1:1 ratio with the U.S. dollar. Investors who wanted a safe place to trade could turn to Tether and other stable coins during intense periods of market volatility.
USDT was not the only stablecoin to lose value during the bear market. Another established stablecoin called USDC lost nearly half of its market cap according to Coin Gecko from a peak value of $56 billion. Still, Tether and other stablecoins remain popular, with USDT being used in more than 50% of trades through centralized exchanges.
Tether has been subject to controversies, particularly relating to its reserves and if it has enough to maintain the 1:1 ratio with the U.S. dollar and the quality of assets backing the stablecoin.
To help diversify the company’s operations, Tether will be installing a Bitcoin mining operation in Uruguay according to a company statement. This is a key effort to support sustainable mining in cryptocurrency.
Also, Tether will be buying cryptocurrency in bulk according to a statement last month that the company will be shifting its treasury management strategy to invest its net profits into Bitcoin. 15% of Tether’s net profit will be used to buy Bitcoin, an imitation of the investing strategies employed by car company Tesla and tech company Microstrategy.
Dogetti (DETI) is a new meme coin in the presale market with a little over $2 million raised. This cryptocurrency was created with the vision of forming a community focused on wealth and spreading the love of crypto around. As a generous incentive, members are rewarded 2% of every transaction on the Dogetti network.
Another 2% will be added to a charity wallet over which members of the Dogetti family will have 100% control. Finally, an additional 2% will be split between liquidity and burn wallets to ensure the long-term stability of the project. Dogetti has a total supply of 100 billion tokens with the following tokenomics: 75% for the presale, 10% for marketing, 10% for exchanges, and 5% for developers.
To broaden the products offered by the Dogetti ecosystem, the meme coin will be branching along 2 avenues: DogettiDAO and DogettiNFTs. DogettiDAO will be the meme coin’s official decentralized autonomous organization where token holders can vote on governance matters and the general operation of the Dogetti network.
Dogetti’s presale is offering a robust ecosystem with plenty of upcoming interactive features. Members of the meme coin community can hope to bank on a lot of potential with Dogetti’s presale which is gaining huge popularity in the presale markets.
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