The recent volatility made USDC along with other large stablecoins to depeg for a few days. Some people panicked and lost money. Some used this as an opportunity to profit.
More than $4 million made in 2 days
A popular Twitter account Lookonchain explained to its followers how a certain trader cashed $4.14 million on the USDC depeg. Here’s how it went.
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The person reportedly bought 47,670 Ethereum (ETH) with 65.78 million USDC when the price was $1,418 on March 10th. The trade was closed when ETH climbed to $1,505. This allowed the unknown trader to pocket over $4 million in 2 days’ time.
Lookonchain Twitter thread, source: twitter.com
The Twitter thread points to the fact that this is one smart whale, which sold ETH right before the Terra Luna crash. The person also bought a lot of Shiba Inu (SHIB) tokens early and sold them at the peak in October 2021.
“Address “0x7617” started trading $SHIB very early, and bought ~5.5T $SHIB before the price of $SHIB rose sharply in May 2021 with a cost of only ~180 $ETH ($400K). Then address “0x7617” sold all $SHIB for more than 35K $ETH in May and October 2021,” Lookonchain stated.
This is proof that despite turbulent market conditions, there are always opportunities to profit. However, it’s crucial to be in control of one’s emotions as they can ruin all the trades.