SHIB Trader Reaps $8.3M in Market Slump—March Peak Could’ve Hit Over $30M
Amid the precarious market state, a Shiba Inu (SHIB) trader has managed to amass about $8.3 million in profits from a 2023 SHIB investment. Renowned crypto transactions tracker platform Lookonchain captured this trader’s transactions and reported them on X via its verified handle.
It is no longer news that the crypto market has been facing debilitating declines across several variables, making it incredibly difficult for market participants to amass profits, as losses have become the order of the day among many traders that have triggered sell-off options.
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This COULD be the end of the bullrun‼️$BTC is below the 21 Week SMA..
Historically, when Bitcoin closes below the 21 W SMA, it marked the end of the Bullrun and the beginning of a Bear market pic.twitter.com/UFPe0uZ00A
— Crypto Chino (@imcryptochino) June 24, 2024
Trader’s Investment Details
According to the crypto transactions tracker outlet, the anonymous investor started accumulating Shiba Inu late last year. Notedly, he amassed a whopping 1.08 trillion SHIB from Binance via three distinct transactions dated November 23, December 4, and December 22, 2023.
As of the time of accumulating the coin in late 2023, SHIB was valued at an average selling price of about $0.0000093, eventually summing up net investment capital of approximately $10.07 million.
Having held on to the tokens for almost seven months, the trader eventually traded everything In a single transaction at an average $0.000017 selling price, where he realized about $18.4 million, representing profits around the $8.33 million region.
A whale deposited all 1.08T $SHIB($18.4M) to #Binance 1 hour ago, making a profit of ~$8.3M!
This whale withdrew 1.08T $SHIB(cost ~$10.07M) from #Binance on Nov 24, Dec 4, and Dec 22, 2023.
He has an unrealized profit of $29M at the peak of $SHIB!https://t.co/WVWceN0JHe pic.twitter.com/FKWD6cYJiY
— Lookonchain (@lookonchain) June 24, 2024
Possible Regrets For The SHIB Trader
While this SHIB trader might be basking in the euphoria of amassing profits as high as $8.33 million, an inner part of him will undoubtedly regret his earlier decisions, as he could have made more from the investment if he had given in to the temptation of trading the SHIB tokens in March 2024, when it touched the $0.00004 price mark.
Per Coincodex’s Shiba Inu’s price chart, the Canine-themed crypto asset clinched a 2024 all-time-high (ATH) when it struck $0.00004 in March. If this SHIB trader had sold off his coin holdings by then, the 1.08 trillion tokens would be worth approximately $43.2 million, implying profits of about $33.13 million.
Was The SHIB Trader Too Quick In His Sell-Offs Decision?
While the reasons behind the SHIB trader’s decision to trade every one of his SHIB holdings remain unknown, the option does not appear astute, considering that the crypto market is yet to attain its full potential for the year, evidenced by upcoming events, particularly the Ethereum Exchange Traded Fund (ETF) tradings, anticipated to go live in a few weeks from now.
In a scenario where the ETH spot ETF tradings turn out positively, there are chances it could revive the altcoin market, with the potential to orchestrate Shiba Inu’s rally to revisiting its $0.000088 ATH and implying more massive profits ranging from about $85 million for the trader. The gains could even be more if SHIB establishes a new ATH.
However, while the investor’s decision might appear less convincing, there is a possibility that he might have identified other cryptocurrencies with better prospects. Hence, the decision to exit the SHIB trading position, making funds available for other promising projects.
Impacts Of The Investor’s Action On Shiba Inu’s Price
In the crypto space, actions like the one elicited by the trader in this insight are renowned for their negative impact in the long run. Should other whale investors engage in similar activities, it would worsen SHIB’s dwindling price by signifying a lack of belief in the token’s appreciation prospect.
At the same time, it is not helping the token’s over 589 trillion circulating supply. Hence, the overall impact will have widespread debilitating effects, culminating in Shiba Inu’s further price slumps by eliminating scarcity.
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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