USDT briefly dethrones Ethereum’s No. 2

June 26, 2026

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𝐗𝐑𝐏’𝐬 $𝟏 𝐟𝐥𝐨𝐨𝐫 𝐭𝐮𝐫𝐧𝐬 𝐢𝐧𝐭𝐨 𝐚 𝐬𝐭𝐫𝐞𝐬𝐬 𝐭𝐞𝐬𝐭

𝐊𝐞𝐲 𝐩𝐨𝐢𝐧𝐭𝐬:

  • XRP retested the $1.01 area as analysts flagged $1.06, $1.00, and lower support zones as critical levels in the current selloff.

  • Technical readings across the USDT and BTC pairs showed that sellers still controlled the broader trend, even as short-term relief remained possible.

𝐍𝐞𝐰𝐬 - XRP’s latest slide pushed the token back toward the psychological $1 level, turning a familiar support zone into XRP’s main stress test.

On-chain data shared by analyst Ali Martinez showed that $1.06 had become a key support area after more than 830 million XRP were previously acquired near that level. However, fresh selling pressure dragged XRP toward $1.01, raising the risk of a break below $1 if buyers fail to defend the range.

The broader technical picture remained weak. On the USDT pair, XRP traded near $1.04 after nearly losing the $1.10 zone, which has now turned into immediate resistance. The token also stayed below its 100-day and 200-day moving averages, near $1.25 and $1.50, while a descending channel continued to cap price action.

Against Bitcoin, XRP traded around 1,720 sats and sat near support at roughly 1,700 sats. A breakdown there could expose the 1,500 sats area, while recovery attempts face resistance near 1,850 to 2,000 sats.

𝐓𝐡𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐦𝐚𝐩 - Analysts pointed to $1.06, $0.80, $0.62, and $0.51 as major XRP levels based on past trading activity. Other downside zones include $0.86 to $0.87, $0.73, and $0.60 if the $1 region fails.

𝐓𝐡𝐞 𝐫𝐞𝐜𝐨𝐯𝐞𝐫𝐲 𝐭𝐫𝐢𝐠𝐠𝐞𝐫 - Bulls need XRP to reclaim and sustain $1.05 before any relief bounce gains credibility.

Tether’s 𝐔𝐒𝐃𝐓 𝐛𝐫𝐢𝐞𝐟𝐥𝐲 𝐬𝐭𝐞𝐚𝐥𝐬 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦’𝐬 𝐍𝐨. 𝟐 𝐬𝐩𝐨𝐭

𝐊𝐞𝐲 𝐩𝐨𝐢𝐧𝐭𝐬:

  • Tether’s USDT briefly overtook Ether by market capitalization, with USDT near $186 billion as ETH fell to $1,510.

  • The flip reflected rising stablecoin demand during volatility, even though Ether reclaimed second place within hours.

𝐍𝐞𝐰𝐬 - Tether’s USDT briefly became the second-largest crypto asset behind Bitcoin after Ether’s market value slipped below the stablecoin’s expanding supply.

At the crossover, reports placed USDT around $186.06 billion to $186.07 billion, while ETH stood near $185.58 billion to $185.66 billion. The move came after Ether dropped 5.2% over 24 hours to $1,510, its weakest level of 2026 and a support area last visited in October 2023 and April 2025.

The lead did not last. Ether reclaimed second place near $189 billion within hours as dip buyers returned, but the brief reshuffle still marked a rare moment for the market. Some even described it as the first time in roughly eight years that USDT had outranked ETH.

The mechanics were straightforward. USDT’s market cap grows as more tokens are issued, while Ether’s valuation was compressed by price weakness. That made the flip less about USDT “rallying” and more about stablecoin supply meeting a sharp ETH drawdown.

𝐓𝐡𝐞 𝐬𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐬𝐢𝐠𝐧𝐚𝐥 - Stablecoins now account for almost 15% of the total crypto market, with supply above $300 billion. Analysts framed the move as a flight to stability, as dollar-pegged tokens continue to serve trading, payment, transfer, and liquidity needs during volatile periods.

𝐓𝐡𝐞 𝐄𝐓𝐇 𝐜𝐨𝐮𝐧𝐭𝐞𝐫𝐰𝐞𝐢𝐠𝐡𝐭 - Not everyone treated the drop as bearish. SharpLink bought 5,000 ETH after an eight-month pause, while Bitmine added 76,881 ETH last week. Tether’s broader rise also came as its reserve buffer grew and the company pushed into wallets, mining, AI, and XAUT-linked products.

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𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲’𝐬 𝐒𝐓𝐑𝐂 𝐬𝐥𝐮𝐦𝐩 𝐩𝐮𝐭𝐬 𝐒𝐚𝐲𝐥𝐨𝐫’𝐬 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐨𝐧 𝐭𝐫𝐢𝐚𝐥

𝐊𝐞𝐲 𝐩𝐨𝐢𝐧𝐭𝐬:

  • Strategy’s STRC preferred stock hit fresh lows as Bitcoin weakness pulled attention back to the company’s leveraged capital structure.

  • Investors are watching the June 30 ex-dividend date and monthly dividend reset as STRC trades far below its $100 par value.

𝐍𝐞𝐰𝐬 - Strategy’s preferred-stock stress deepened as STRC slipped further below par while Bitcoin hovered near the $60,000 area.

The dividend-paying product, also known as Stretch, fell to a new low of $71.25 after U.S. markets opened before firming near $75.30. Another report placed STRC around $73, roughly 27% below its $100 par value, as investors focused on its June 30 ex-dividend date and monthly dividend rate reset.

Michael Saylor addressed the pressure on X, writing that “volatility tests every capital structure,” while saying Strategy remained focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation. His post came as the company faced a securities probe and sharper questions over recurring costs tied to STRC.

The pressure is tied to both Bitcoin and yield. Strategy’s Bitcoin holdings were described across sources as roughly 844,000 BTC to 847,363 BTC, with paper losses exceeding $13 billion as BTC traded near $60,000. Meanwhile, STRC’s 11.5% annual dividend has translated into an effective yield near 15%.

𝐓𝐡𝐞 𝐉𝐮𝐧𝐞 𝟑𝟎 𝐰𝐚𝐭𝐜𝐡 - Eligible STRC holders are set to receive a $0.48 per share dividend on July 15, but the bigger focus is the monthly reset. Investors expect a possible increase to at least 12% or 12.50%.

𝐓𝐡𝐞 𝐛𝐚𝐥𝐚𝐧𝐜𝐞 𝐬𝐡𝐞𝐞𝐭 𝐩𝐫𝐞𝐬𝐬𝐮𝐫𝐞 - Analysts are watching Strategy’s cash cushion, estimated STRC dividend burden, and Bitcoin-linked paper losses as volatility tests confidence.

𝐇𝐲𝐩𝐞𝐫𝐥𝐢𝐪𝐮𝐢𝐝’𝐬 𝐌𝐀𝐒 𝐥𝐢𝐬𝐭𝐢𝐧𝐠 𝐭𝐞𝐬𝐭𝐬 𝐃𝐞𝐅𝐢’𝐬 𝐥𝐢𝐜𝐞𝐧𝐬𝐞 𝐠𝐚𝐩

𝐊𝐞𝐲 𝐩𝐨𝐢𝐧𝐭𝐬:

  • Singapore’s MAS added Hyperliquid and the Hyper Foundation website to its Investor Alert List, flagging that the platform is not licensed or authorized by the regulator.

  • Hyperliquid said the listing was not a ban, enforcement action, or finding of wrongdoing, and that its permissionless network remains unchanged.

𝐍𝐞𝐰𝐬 - Hyperliquid landed on Singapore’s Investor Alert List as MAS continued warning users about crypto platforms that may be wrongly perceived as licensed or regulated in the city-state.

The entry, added on June 26, covered Hyperliquid’s trading app and the Hyper Foundation website. Hyperliquid responded by saying it has never claimed to be licensed or authorized by MAS, and users should not treat the platform as holding such approval. It also stressed that the listing does not amount to a regulatory violation, ban, or enforcement action.

MAS describes the Investor Alert List as a consumer protection tool for entities that may be mistakenly viewed as authorized, recognized, registered, or regulated. For users, the practical issue is protection. Listed platforms do not carry MAS investor safeguards if trades or access go wrong.

Hyperliquid framed itself as permissionless public infrastructure. The team said users keep self-custody of their assets, while transactions remain transparent and fully settled on-chain. It also said the ecosystem would continue engaging constructively with regulators and institutions globally.

𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞’𝐬 𝐰𝐢𝐝𝐞𝐫 𝐜𝐫𝐚𝐜𝐤𝐝𝐨𝐰𝐧 - Hyperliquid joins a list that has included Bybit, KuCoin, Bitget, and Binance. MAS has also tightened rules for crypto firms serving overseas customers from Singapore, requiring licensing or a halt to such activity.

𝐓𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐚𝐜𝐭𝐢𝐨𝐧 - HYPE showed limited damage, trading near $62 after the listing. Investor interest also remained visible, with reports citing strong HYPE ETF inflows and public support from backers such as Bitwise and Multicoin.

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Crypto scams uncovered

  • Illegal mining is becoming a laundering cover story: Thailand issued an arrest warrant for Wang Yicheng, a Chinese businessman accused of helping launder scam and online gambling proceeds through illegal crypto mining. Authorities said the network illicitly used about $28 million worth of electricity, while Reuters previously linked a wallet in Wang’s name to $9.1 million from scam-linked sources.

  • Crypto kiosks became a cash-to-scam pipeline: The FBI’s IC3 received more than 13,400 complaints involving cryptocurrency kiosks in 2025, with reported losses topping $388 million. More than half of those complaints involved people over 50, showing how scammers are using ATM-like crypto rails to pressure victims into irreversible transfers.

  • A fake approval can quietly turn into a wallet drain: Operation Atlantic identified more than 20,000 approval phishing victims across the U.K., Canada, and the U.S., while freezing over $12 million in suspected criminal proceeds. The scam works by tricking users into signing blockchain approvals that hand attackers control of their wallets.

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Top 3 coins of the day

Venice Token (VVV)

Key points:

  • VVV bounced from the $11.85-$12.87 support region and pushed toward $13.7-$14.4, but the Elliott Wave structure still shows a lower-range recovery.

  • MACD improved, with the line at -0.244 above the -0.335 signal line, while volume stood at 1.21K on the live candle.

What you should know:

VVV’s latest 4H move turned the focus back to whether its support bounce can grow into a real recovery. Price defended the $11.85-$12.87 region, then pushed near $13.71, with the live candle up 3.69% and volume at 1.21K. MACD backed the short-term improvement: the histogram rose to 0.09 and the MACD line at -0.244 crossed above the -0.335 signal, though both lines remain below zero. The bounce also gained a project-specific boost from Venice’s GLM-5.2 Private Inference deployment, while the supplied 24H volume context pointed to a nearly 80% jump to $51.1M. July’s Final Emission Cut added a supply-tightening angle. Clearing $13.7-$14.4 is key before $15-$15.6 returns.

Solana (SOL)

Key points:

  • SOL reclaimed the 20, 50, and 100 EMAs during its 4H bounce, but the 200 EMA at $73.22 remains the bigger recovery barrier.

  • The Awesome Oscillator stayed negative at -1.75, while volume reached 409.74K as buyers pushed price back toward the $70.6-$71 zone.

What you should know:

SOL’s recent bounce came through as a relative strength reclaim rather than a clean trend flip. Price rose 2.96% to around $70.64, moving back above the 20 EMA at $69.08, 50 EMA at $69.89, and 100 EMA at $70.59. That put buyers back in the short-term fight, but the 200 EMA at $73.22 remains the larger trend-control barrier. The bounce had a firmer narrative from MoneyGram joining Solana as a validator and infrastructure partner, staking-enabled Solana ETF inflows topping $1.1B, and Solana’s 24.7% monthly DEX volume share worth $43.9B. Volume stood at 409.74K, while the Awesome Oscillator stayed negative at -1.75. Holding $69.8-$70 keeps $73-$73.2 in focus.

Hyperliquid (HYPE)

Key points:

  • HYPE rebounded from the $58-$60 zone and traded near $63.65, but the $64.8-$65 EMA cluster remains the first major test.

  • Stochastic RSI stayed elevated at 79.09 and 87.42, while volume stood at 8.11K as the bounce approached resistance.

What you should know:

Hyperliquid’s 4H recovery carried stronger narrative weight than its EMA position confirmed. Price bounced from the $58-$60 zone and rose 2.51% to around $63.65, but it still sat below the 50 EMA at $64.96 and 100 EMA at $64.85. The 20 EMA near $63.68 is the immediate pivot, while the 200 EMA at $62.28 remains support. Sentiment got a boost from a 572,900 HYPE staking inflow from Coinbase Prime, the Portfolio Margin beta rollout making HYPE eligible collateral, and Multicoin’s $319 long-term target under its “Everything Exchange” thesis. Still, Stochastic RSI stayed elevated at 79.09 and 87.42, so clearing $64.8-$65 matters before $68-$70 resumes.

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