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Tether [USDT] – Now that the DDoS attack is behind it, here’s the post-op outlook

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Source: Unsplash

Holders of USDT were sent into a frenzy yesterday after Tether’s Chief Technical Officer Paolo Ardoino confirmed the incidence of a DDoS attack. Simply put, a DDoS attack happens when a server or a network is flooded with requests to disrupt the server’s regular traffic.

According to the exec, the attack was confirmed when Tether received 8M reqs/5 minutes as opposed to the usual 2k reqs/5 min. Assuring that all was back to normal, Ardoino informed users in another tweet that the attack was “mitigated.”

No longer Tether-ed to $1

USDT temporarily lost its $1-peg following the collapse of UST, after which it has since regained its peg. However, this past week, following the rise in bearish market trends and amidst fears brought about by the suspension of withdrawals and transfers on the Celsius Network, Tether slightly fell below $1, dropping to $0.9986. 

Source: Coinstats

Last month, Tether’s market capitalization saw a drop from its all-time high of $83.2 billion to $75 billion a few days after its de-pegging. At the time of press, the market capitalization stood at $68.02 billion – An 18% decline from its all-time high. Additionally, data from CoinMarketCap revealed that the market capitalization fell by 0.11% in the last 24 hours. 

The case of the last 24 hours

According to data from Santiment, over the last 24 hours, USDT registered some decline in a few key metrics. This is attributable to fears of a further depreciation in the value of the stablecoin.

For example, the index for the number of Active Addresses that traded the coin stood at 59.2k addresses – A 4%  decline in 24 hours.

Source: Santiment

In addition, Transaction Volume was spotted at 1 billion, at the time of writing. This represented an 80% decline from the 5 billion registered in Transaction Volume yesterday.

Source: Santiment

The stablecoin also lost a bit of its street credibility as it saw a drop in its Social Dominance and Social Volume over the course of the last 24 hours. At press time, the Social Dominance for the coin stood at 2.315%. This was a 100% decline from the 4.63% recorded yesterday.

Likewise, Social Volume saw a 91% decline to be pegged at 316 from the 3560 recorded 24 hours ago.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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