USDC, the fifth most popular cryptocurrency coin, and trusted stablecoin, lost its peg to the US dollar on Saturday, March 11, 2023. The coin’s value decreased from $1 to a low of $0.887. The majority of cryptocurrency investors are shocked by this because it hasn’t happened since the first introduction of USDC in 2018. After a 15% loss, the token’s market capitalization fell below $40 billion.
The crypto whales have reported significant losses as a result of these incidents and seem to have started a series of capital flights to safeguard assets. It is reported that the losses amounted to over a billion dollars in stock and deposits.
However, it seems like not everyone took a loss and some have actually profited from it. Here’s how.
Lookonchain Reveals a Smart Address That Made $4.14M Amid USDC Depeg
Lookonchain, an on-chain analyzer, in a recent series of tweets has revealed the specifics of a smart address that profited $4.14 million by trading Ethereum during the USDC de-pegging.
Lookonchain highlighted how smart the user is by pointing out how they sold their ETH before LUNA crashed and how they bought Shiba Inu early and sold it at its peak in May and October 2021. Also, it was noted by the on-chain researchers that the address currently has over $71.72 million.
Lookonchain determined that the 15 addresses that purchased 47,670 ETH for 67.58 million USDC at $1,418 on March 10 were likely owned by the same person. This is due to on-chain data showing that on April 21, 2021, a sizable sum of SHIB was sent to these addresses from the same address. Later, the user sold 47,688 ETH for $1,505 for a total of 71.72 million USD. At a 6% ROI, the user made $4.14 million in just two days.
Some clever SHIB trades were also mentioned. On-chain data indicates that the user was an early Shiba Inu investor and purchased 5.5 trillion at 180 ETH ($400k) before its price increase in May 2021. As the price of SHIB reached its all-time high in May and October 2021, the smart address sold all of the SHIB for 35k ETH.
Prior to the demise of LUNA, the user exchanged ETH for USDC. At the time of publication, the majority of the user’s funds were split among 15 addresses and were in USDT. The price of USDC has increased by 3.47% during the past 24 hours to $0.9892.
At times of uncertainty and upheaval, the user appears to have made some incredibly smart decisions. Profits would result from being able to capitalize on unpredictable moments like these.
Written by: Nidhi Kolhapur
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