Seasoned crypto analyst and podcaster Cobie noticed an ETH address that is suspiciously well-informed of all secrets of Coinbase listing strategy
Pseudonymous crypto expert Cobie disclosed that some traders found the right time to pump six-figure sums into low caps featured in Coinbase’s announcement. But was it an accident?
How to benefit from “Coinbase listing pump 2.0”
The podcaster and trader has taken to Twitter to share the story of one super-successful Ethereum (ETH) account. It bought some assets mentioned in the list of altcoins Coinbase considers listing.
The mysterious trader poured hundreds of thousands of dollars into a group of small and micro caps. Some of them are not even tracked by CoinMarketCap, while others can be ranked in the 4,000s by market cap.
This trader had purchased them 24 hours before the announcement that increased their price by almost 50% in no time.
Andrew Thurman of leading on-chain data hub Nansen also tracked the strategy of some buyers of the mentioned tokens via Nansen’s Token God Mode instrument.
The results of his review are sensational: there is an account that made the right choice 20 times in a row just an hour before the announcement.
Needless to say, he had never purchased the mentioned micro-cap token in question before.
Insider trading? Not necessarily
As mentioned by Mr. Thurman, Nick Bax, head of research at Convex Labs, admitted that these outcomes should not be interpreted as clear evidence of insider trading.
Instead, we should suspect an API leak or even malicious access to the draft blog post with the announcement.
Mr. Thurman added that he would track the performance of spotted addresses while the instrument used to unveil them is helpful with all sorts of announcements.
It should be noted that yesterday, April 12, 2022, the main American crypto ecosystem Coinbase published a list of assets likely to be listed by its exchange in the coming months.
