The cryptocurrency industry has witnessed immense growth over the last couple of years. A plethora of coins entered the market and adoption was in full force. Meme coins like Shiba Inu [SHIB] witnessed a major breakout in 2021. As the market was moving smoothly, disaster struck in 2022. However, some traders were ahead of the bearish curve.
Blockchain sleuth, Lookonchain, took to Twitter to acknowledge 15 “smart addresses.” According to the network, all of these addresses made timely moves ahead of certain cryptocurrency-related catastrophes.
The network pointed out that all 15 addresses might belong to the same person. With the downfall of the Silicon Valley Bank and Signature Bank, USDC lost its $1 peg earlier today. Back on March 10, the aforementioned addresses purchased a total of 47,670 ETH with 67.58 million USDC when ETH was priced at $1,418. After this conversion, the cryptocurrency addresses went on to sell 47,668 $ETH at $1,505 for 71.72M USDT, 10 hours ago.
Through this sale, the addresses’ returns surged by 6% as they made $4.14 million.
The 2022 downtrend brought about immense losses to the entire cryptocurrency industry. While several left the market following the infamous collapse of Terra, a few others stayed back only to watch more firms fall. Amidst this chaos, these 15 addresses made nothing but profits.
As seen in the above image, these addresses sold ETH for USDC back on May 6, 2022. TerraUSD lost its $1 peg on May 7, 2022. Following this, the entire cryptocurrency market collapsed.
Buy early & sell early, SHIB sold for ETH during 2021
Shiba Inu grew to immense popularity in no time. However, very few purchased the asset during its early stages. All 15 addresses received an increased amount of SHIB on Apr. 21, 2021. The meme coin reached its peak of $0.00008845 on Oct. 28, 2021. During its peak in October, these addresses sold SHIB for ETH.
Currently, “most funds have been converted into USDT and concentrated in 15 addresses, about 71.72 million USDT.”
While several suggest that the person behind these addresses was extremely smart, a few others noted that it could be an example of insider trading.