- On-chain analyst Lookonchain shared details of a smart address that made $4.14 million amid the USDC chaos.
- The smart address was able to bag this large amount by trading Ethereum.
- This address also bought SHIB early and sold it at its peak in 2021.
On-chain analyst Lookonchain recently shared details of a smart address that made $4.14 million by trading Ethereum amid the USDC de-pegging.
Lookonchain shared how smart the user is, highlighting how the user dumped ETH before the crash of LUNA and also purchased Shiba Inu early and sold it during its peak in May and October 2021. The on-chain analysts also mentioned that the address currently holds over $71.72 million.
Lookonchain identified that the same person is likely the owner of the 15 addresses that bought 47,670 ETH for 67.58 million USDC at $1,418 on March 10. This is because on-chain data reveals that these addresses received a large amount of SHIB from the same address on April 21, 2021. The user then sold 47,688 ETH at $1,505 for 71.72 million USDT. The user bagged $4.14 million in two days with a 6% ROI.
The on-chain analyst also wrote about the smart SHIB trades by the user. According to on-chain data, the user was an early investor in Shiba Inu and bought 5.5 trillion at 180 ETH ($400k) before its price hike in May 2021. The smart address sold all the SHIB for 35k ETH in May and October 2021, when the price of SHIB touched its all-time high.
Before the collapse of LUNA, the user converted ETH for USDC. Most of the user’s funds are in USDT and spread across 15 addresses at press time. USDC has spiked by 3.47% in the last 24 hours and is trading at $0.9892.
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Source: https://coinedition.com/lookonchain-reveals-a-smart-address-that-made-4-14m-amid-usdc-depeg/