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

According to the director, the attack was confirmed when Tether received 8M reqs/5 minutes as opposed to the usual 2k reqs/5 min. Ardoino assured that everything was back to normal and informed users in another tweet that the attack “softened.”

No longer tied to $1

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

Last month, Tether’s market cap saw a drop from its all-time high of $83.2 billion to $75 billion a few days after de-pegging. At the time of publication, its market cap was $68.02 billion, down 18% from its all-time high. In addition, data from CoinMarketCap showed that the market cap has fallen 0.11% in the past 24 hours.

The case of the past 24 hours

According to data of Santiment, USDT recorded a drop in a number of key metrics in the past 24 hours. This is due to fears of a further depreciation of the stablecoin.

For example, the index for the number of active addresses that the coin has traded stood at 59.2k addresses – a 4% drop in 24 hours.

Source: Santiment

In addition, the transaction volume was spotted at 1 billion at the time of writing. This represented an 80% drop from the $5 billion recorded in transaction volume yesterday.

Source: Santiment

The stablecoin also lost a bit of its credibility on the streets as it saw its social dominance and social volume drop over the course of the past 24 hours. At the time of printing, social dominance for the currency was 2.315%. This was down 100% from the 4.63% recorded yesterday.

Likewise, Social Volume saw a 91% drop to 316, compared to the 3560 recorded 24 hours ago.

Source: Santiment

This post to tie [USDT] – Now that the DDoS attack is behind it, here’s the post-operative outlook

was published first on https://ambcrypto.com/tether-usdt-now-that-the-ddos-attack-is-behind-it-heres-the-post-op-outlook/


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