Shiba Inu (SHIB) whale investor reportedly scoops roughly $3.2 million in profits after about two and half years of accumulating and holding substantial amounts of SHIB tokens.
The yet-to-be-identified trader’s investment escapades were tracked and reported via a post on X by Spot On Chain, a leading blockchain analytics platform.
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Investment Journey
According to the tweet that has grabbed considerable attention in the crypto community, particularly among SHIB enthusiasts, the whale investor began the profitable investment adventure around October 2021, accumulating 197.99 billion SHIB from Coinbase and Decentralised Exchanges (DEXs).
Notably, the coin procurement lasted between October 10, 2021, and September 11, 2023, at an average price of $0.000008468 per token, summing up to about $1.68 million in total investment cost.
After six months of inactivity, the whale investor eventually transferred the 197.99 billion SHIB worth approximately $4.88 million to Coinbase on May 16, 2024, at $0.00002463 per token, representing profits of around $3.2 million.
Read more: Shiba Inu Price Prediction 2024 – 2040
Trader Probably Learnt Patience From Earlier Investment
While this whale investor’s story might sound so inspiring, it is worth noting that he had encountered setbacks, which he must have most likely learned from that have made him rank among profitable SHIB investors.
Per Spot On Chain, the whale investor triggered an earlier quick sale that resulted in a loss of about 15.1%. After Vitalik Buterin, Ethereum co-founder donated $1 billion in SHIB as COVID relief support to India on May 12, 2021, the token price dropped considerably, which the trader capitalized on to accumulate 138.568 billion SHIB at an average cost of $0.000008385, amounting to a total cost of $1.16 million.
SHIB’s price started dropping after the investor’s purchase in May, and the trader feared that he might lose significantly, resulting in the transfer of the accumulated SHIB tokens to Coinbase on September 26, 2021. At the time of moving the coins to Coinbase, its value had plunged to $0.000007117, bringing down the trader’s balance to about $986K and culminating in losses of approximately $176,000.
A whale just took a $3.2M (x2) profit from $SHIB after 2.6 years!
The whale bought 199B $SHIB (est. cost: $1.68M) from #Coinbase and DEX between Oct 10, 2021, and Sep 11, 2023,
And then deposited all $SHIB (now $4.88M) to #Coinbase 3 hours ago, realizing an est. profit of $3.2M… pic.twitter.com/rMkMf7Z13i
— Spot On Chain (@spotonchain) May 17, 2024
SHIB Market Outlook Looking Set For Greater Moves
Amid the generalized bearish trend that seems to have hindered any significant price movement across several crypto assets, Shiba Inu’s market indices indicate otherwise for canine-themed crypto.
According to Shiba Inu’s market statistics on Coincodex, the coin asset is trading at about $0.000025, reflecting a 0.64% upswing in the past 24 hours and boasting a remarkable $ 14.77B market capitalization.
SHIB’s risk assessment indices revealed that the coin had appreciated by 188%in the previous year and has outperformed 69% of the top 100 performing cryptocurrencies, including Ethereum (ETH) and Bitcoin (BTC).
In addition, SHIB is trading above the 200-day Simple Moving Average (SMA), with 15 green days in the last 30 days.
Aside from Shiba Inu’s remarkable market readings, the recent integration of Decentralised Exchange ShibaSwap with the Shibarium is also fuelling a positive market outlook for SHIB, considering its propensity to enhance Shiba Inu’s trading functionalities, improve SHIB adoption rate, and catalyze SHIB burn rate
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