Last night I saw a weird on-chain transfer: USDC was exchanged on Uniswap for a large amount just a few minutes earlier, sent in two transfers from a small wallet to the same address. A lot of people’s first reaction was “front-running by insiders” or “insider trading,” but I’m just someone who grows vegetables—after seeing so much, it’s more likely the same entity is “moving seeds and digging new holes”: first test the Gas fee, then move funds from the old contract to a newly created multisig address to make the next step easier.

Over the past couple days in the group, everyone’s been on edge because of the stablecoin reserve audits—so all kinds of “coincidences” are getting amplified. Even someone said USDC is about to depeg. Here’s an example: last time, a project team did something like this too; the result was only that they moved the old treasury to the zkSync ecosystem, with no real shadiness.

In plain terms, don’t just look at the surface of those on-chain transfers. You need to pull up the path chart and check the historical interactions and labels between the sending and receiving addresses. I’m just an old low-tier holder, but every time I see “coincidences,” I run through Dune first so I don’t end up scaring myself.