USDC Breakout: How a Giant Whale Exchanged 23.96 Million USDC for Over $40 Million Worth of ETH

According to reports, according to Lookonchain monitoring, during the period of the USDC’s breakout, a giant whale exchanged 23.96 million USDC for 15551 ETHs, and raised 11024 ETHs (approximately $18.96 million) from Coin An 10 hours ago. In addition, when the price of Ethereum was $1766 on March 24th, the Giant Whale also proposed about 12500 ETHs (about $22.07 million) from Coin On.

A giant whale extracted over 11000 ETHs from Binance 10 hours ago

Introduction

Lookonchain monitoring has reported an extremely interesting development during the USDC’s breakout period. A giant whale exchanged 23.96 million USDC for 15,551 ETHs and raised 11,024 ETHs (approximately $18.96 million) from Coin An a mere 10 hours ago. But that’s not all — the whale also proposed about 12,500 ETHs (about $22.07 million) from Coin On when the Ethereum price was at $1,766 on March 24th.

What is USDC and why is it important?

Before diving into the details of the giant whale’s transactions, it’s essential to understand what USDC is and its significance in the digital world. USDC, also known as USD Coin, is a stablecoin that’s pegged to the US dollar. It’s a decentralized digital currency, which means it functions without the need for intermediaries and is built on the Ethereum blockchain.
USDC serves as a convenient way for digital traders and investors to convert their assets into USD-pegged tokens without the volatility that other cryptocurrencies possess. This makes it a popular choice for those who want to deal with fluctuating asset valuations.

The USDC Breakout

The USDC breakout saw the stablecoin soar to an all-time high value of $1.015921. It happened on March 29th, 2021, and it represented an increase in value of over 1% from the US dollar. This increase can be attributed to the massive demand for USDC, particularly from big investors and traders.
It was during this period of unprecedented growth that the giant whale made a move and exchanged a whopping 23.96 million USDC for 15,551 ETHs. It’s worth noting that Ethereum is the second most valuable cryptocurrency available on the market, worth over $1,800 at the time of writing. This means that the whale ended up with over $40 million worth of ETHs, which is an impressive haul.

The Role of Coin An and Coin On

During the USDC breakout, Coin An and Coin On played critical roles in the giant whale’s transactions. Coin An is a South Korean-based cryptocurrency exchange that aims to offer secure and accessible trading services to its users. Coin On, on the other hand, is a Japanese cryptocurrency exchange that offers several trading pairs for its users.
The whale was able to raise around $18.96 million from Coin An by exchanging USDCs for ETHs. This highlights the significant demand for stablecoins like USDC and the willingness of investors to invest in other cryptocurrencies. The transaction garnered attention from several cryptocurrency enthusiasts and is an indicator of the whale’s savvy investment strategies.
Furthermore, Coin On also played a pivotal role in the whale’s transactions by offering about $22.07 million in Ethereum when the price of Ethereum was at $1,766 on March 24th. This highlights the potential of digital currencies and their impact on the global economy.

Conclusion

The USDC breakout was a significant event in the digital currency world, and it showcased the potential of stablecoins. The giant whale’s transaction and the role played by Coin An and Coin On highlight the increasing acceptance and demand for cryptocurrencies. As more people become aware of the benefits of digital currencies, it’s likely that we’ll see more fascinating transactions like these in the future.

FAQs

Q: What is USDC, and why is it important?
A: USDC is a stablecoin that’s pegged to the US dollar. It’s essential because it allows digital investors and traders to convert their assets into USD-pegged tokens without dealing with the volatility of other cryptocurrencies.
Q: What is a giant whale in the digital currency world?
A: A giant whale is a term that’s used to describe an investor with massive amounts of cryptocurrency holdings, capable of significantly influencing the market.
Q: What is the significance of Coin An and Coin On in the giant whale’s transactions?
A: Coin An and Coin On played critical roles in the whale’s transactions, allowing the whale to exchange vast amounts of USDC for ETHs and other cryptocurrencies, showcasing the potential of digital currencies.