Popular whale-watching Twitter account Whale Alert, recently caught a heavy USDT transaction. The transfer was worth over 300 million USDT. Tether recently minted a large batch of USDT, causing the market to draw parallels between the minting and Bitcoin’s price yet again.
However, in a surprising turn of events, just three minutes later, Whale Alert again announced that the entire amount had been burned at the Tether Treasury.
Hours later, Glassnode announced that the transaction came from Binance and it was a chain swap between the exchange platform and Tether. Binance basically helped Tether to move 300 million USDT from the TRON network to Ethereum.
USDT supply on the TRON network has now been significantly diminished. Reportedly, the number is hanging in the neighborhood of 536 million. The number of USDT on TRON’s network was significantly more a while ago.
Furthermore, Tether’s entire supply has dropped to about $4.64 billion at the moment, with over 2.62 billion circulating on the Ethereum network.
There has always been a correlation between USDT pumps and Bitcoin price swings. It has been suggested many times that Tether’s USDT is usually severely manipulated, to boost the price of Bitcoin whenever normal market factors pull it down.
Last week, Kryptomoney reported that the USDT is now live on the Algorand blockchain.