The USDT stablecoin issuer, Tether, attracted a massive net profit of $4.52 billion in the first quarter of FY24, setting a record for the company

STORY HIGHLIGHTS

• Tether recently posted its latest attestation report for the first quarter of this year.
• The USDT Issuer reported a net profit of over $4.50 billion.
• Tether CEO Paulo Ardoino expressed optimism over the strong quarterly report.

Tether Holdings Limited, the issuer of USDT stablecoin, has unveiled the attestation report for the first quarter of FY24. The latest attestation, as of March 31, 2024, goes beyond the reserves backing Tether Fiat-denominated stablecoins. Moreover, it provides a comprehensive overview of the entire Tether Group’s financial prowess.

Tether Reports Gigantic Net Profit

In a groundbreaking achievement, the first quarter of 2024 witnessed Tether Group’s net profit soaring to an astonishing $4.52 billion, marking a significant milestone in the company’s history. The profits were primarily driven by net operating profits, largely derived from US Treasury holdings, and supplemented by mark-to-market gains in Bitcoin and Gold positions.
Moreover, Q1 2024 showcased the USDT issuer’s unparalleled success in increasing both direct and indirect ownership of U.S. Treasuries, now exceeding $90 billion. Furthermore, this included indirect exposure through overnight reverse-repurchase agreements and investments in US Treasuries via money market funds.
The USDT issuer’s commitment to transparency was further underscored by the revelation of its net equity for the first time, standing at an impressive $11.37 billion as of March 31, 2024. Paolo Ardoino, CEO of Tether, emphasized the company’s dedication to transparency, stability, liquidity, and responsible risk management. He stated, “With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management.”

The Tether CEO added, “As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability. In reporting not just the composition of our reserves, but now the Group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.”
Also Read: Tether Invests $200M Into Elon Musk’s Neuralink Rival Blackrock Neurotech

Asset Reserves & Strategic Investments

Additionally, Tether reaffirmed the backing of its fiat-denominated stablecoins with Cash and Cash Equivalents at an impressive 90%. Hence, it ensures liquidity within the stablecoin ecosystem. In the first quarter alone, over $12.5 billion in USDT was issued. This further solidifies Tether’s position as a leader in the stablecoin market.
The Reserves Report (RR) section of the new report reiterated Tether’s strong financial position. Its asset reserves for USDT tokens in circulation exceed the liabilities by $6.26 billion. Furthermore, the report highlighted Tether’s strategic investments of over $5 billion as of the report date. The investments have been made across various sectors such as AI and Data, Renewable Energy, P2P communication, and BTC Mining.

Shiba Inu Price To Soar Past $0.00007, Analyst Predicts

Analyst Ali Martinez predicts a bullish surge for Shiba Inu (SHIB) price, citing technical analysis amid broader crypto market recovery. Investors anticipate potential gains as SHIB navigates recent turbulence.

STORY HIGHLIGHTS

• Analyst Ali Martinez forecasts bullish surge for Shiba Inu (SHIB) price beyond $0.00007.
• Martinez's technical analysis points to a potential bull flag formation, sparking excitement among traders.
• Amidst market recovery, investors eye SHIB's trajectory with anticipation amidst broader crypto market stability.

Investors are closely watching the Shiba Inu (SHIB) price amid recent turbulence in the crypto market. Today, as broader crypto assets rebound, SHIB’s price has also surged, reflecting growing investor confidence. Prominent crypto analyst Ali Martinez has provided an optimistic forecast for SHIB, citing technical charts and historical trends, sparking excitement and speculation among traders.

Martinez’s Bullish Forecast and Market Dynamics

The journey of the Shiba Inu price has been marked by volatility in recent times, with the broader cryptocurrency market experiencing a significant downturn. The aftermath of the recent crypto market crash has seen many major cryptocurrencies, including SHIB, undergo a period of reevaluation as gains accumulated earlier in the year evaporated. However, today’s market activity suggests a turning tide, as both the broader crypto market and SHIB specifically demonstrate signs of recovery. Against this backdrop, Ali Martinez, a highly respected crypto analyst, has emerged with a bullish projection for SHIB’s price, backed by comprehensive technical analysis.
Martinez’s analysis points towards the formation of a potential bull flag on SHIB’s daily chart, a signal that often precedes bullish price movements. His strategic approach involves placing buy orders strategically at around $0.000018343, with a target price set for a bullish breakout to $0.000072323. Such a forecast, based on Martinez’s track record and meticulous analysis, has captured the attention of the crypto community, injecting a sense of optimism and anticipation into the market.
Also Read: Tron Founder Justin Sun Endorses Dogecoin, Shiba Inu & Other Meme Coins

Current Price Analysis and Market Status

At the time of writing, the Shiba Inu price registers a decline of 6.56%, currently trading at $0.00002103. Over the past 24 hours, SHIB’s trading range has fluctuated between $0.00002246 and $0.00002069, with its live market cap standing at $12.3 billion. Amidst the backdrop of SHIB’s price movement, attention turns to ShibaInu and its recent market dynamics. The current Open Interest of ShibaInu is valued at $30.2 Million signaling a -9.78% price difference in the last 24 hours.
The Relative Strength Index (RSI) for SHIB stands at 29, signaling an oversold condition in the cryptocurrency market. Analysts interpret this as a potential opportunity for investors to “buy the dip” and capitalize on undervalued assets. The convergence of Martinez’s bullish forecast and the oversold RSI position for SHIB suggests a compelling narrative for SHIB’s price trajectory. With signs of stability emerging across the broader crypto market, SHIB stands poised to capitalize on renewed investor interest and potentially chart a significant upward trajectory in the days to come.

Meme Coins Crash In Sync With Crypto Market: Here’s Why

The meme-based crypto sector nabbed significant attention today, noting a slump in the majority of the tokens' prices. DOGE, SHIB, & PEPE prices slip considerably. Here's an overview of potential reasons.

STORY HIGHLIGHTS

• The meme coin sector slumped remarkably today, aligning with broader market trends.
• Shiba Inu price slips as bearish on-chain data pulls the price down.
• Dogecoin price tumbles, mirroring why SHIB tumbled.
• Further, PEPE price falls, coinciding with DOGE & SHIB's fall.

In what stages as a bearish event for crypto market traders and investors globally, the meme coin sector again illustrated a considerable slump in prices today, May 1. Prominent meme-based cryptos, including DOGE, SHIB, & PEPE, among many others, noted a remarkable crash in prices in the past 24 hours.
Amidst the broader market’s substantial dip coinciding with the ongoing FOMC meeting, this slump has sparked a wave of speculations about the future price action of these coins, adding an element of intrigue among crypto market participants.
A plethora of on-chain metrics seem to be the primary factors influencing the prices, pushing them towards a bearish movement. Let’s delve into on-chain insights validating the recent slump of the meme coins.

Shiba Inu (SHIB) Price Slips 8%

Shiba Inu (SHIB), a.k.a the self-proclaimed Dogecoin killer, witnessed a notable 8.85% drop in its price in the past 24 hours, trading at $0.00002105. This drop in the dog-themed meme token primarily aligns with the bearish sentiment underscored by the token’s derivatives data.
Coinglass spotlighted a substantial decrease in investor interest surrounding the token, as SHIB’s open interest dipped 11.85%, reaching $52.91 million. Further, liquidations for Shiba Inu totaled $738.93K, highlighting the spike in traders who were forced to close positions.
This data collectively rationalizes SHIB’s price slip, whereas the turbulent shift in the market also aligns with the ongoing FOMC meeting, as mentioned above.

Dogecoin (DOGE) Price Tumbles 8%

Further, Dogecoin, Shiba Inu’s most prominent rival, tumbled 7.87% in the past 24 hours and is currently trading at $0.125. Similar to SHIB, even DOGE’s derivatives data ignited a bearish buzz among investors.
DOGE’s open interest dropped 12.80%, reaching $693.39 million, whereas liquidations reached $6.09 million, highlighting substantial rise in the selling pressure for the token. This primarily aligns with Dogecoin’s bearish movement today, further aligning with the factors underscoring a slump in SHIB’s price.
Also Read: Vitalik Buterin Warns Against Hardware Wallets, Proffers Alternative

Pepe Coin (PEPE) Price Slips 10%

Meanwhile, PEPE, a frog-themed meme token, witnessed a 9.18% dip in its price over the past 24 hours, reaching $0.000006247. Similar to DOGE & SHIB, Pepe coin’s on-chain data underscored a bearish trend for the token at press time.
PEPE’s open interest tumbled 5.49%, reaching $64.88 million, whereas liquidations for the meme coin evaluated as $2.66 million, underlining a bearish trend that further falls in line with PEPE’s price dip.
Whereas, other renowned meme cryptos, including FLOKI, WIF, and BONK, witnessed a 2-5% dip in prices over the past day. Further falling in line with the bearishness ignited with the FOMC meeting, followed by on-chain data’s bearish splash, the meme coin sector appears to have sparked severe concerns among among investors surrounding future price action.
Also Read: Bitcoin Correction: Analyst Explains How This BTC Retreat Is Different