Recent market corrections across the constantly changing crypto market haven’t deterred all investors as many leveraged the bullish moment to gather profits.
A shrewd Shiba Inu (SHIB) holder, identified through on-chain data analysis, has recently turned a significant profit. This whale investor has reportedly netted $23.5 million from his SHIB investments in just two months.
Read Also: Man Who Bought 7.54 Trillion SHIB For $4,000 Missed $70 Million Fortune Opportunity
Strategic Accumulation and a Lucrative Payoff
The investor’s success appears to be the result of a well-timed buying spree and subsequently capitalizing on price increases. Data suggests he began accumulating SHIB tokens on January 8th, 2024, when the price hovered around $0.000009.
Over the following weeks, he reportedly acquired a substantial quantity – 1.44 trillion SHIB tokens – through purchases on exchanges like Binance and Gate.io.
For a period after this initial accumulation, the price of SHIB remained relatively stable, near the investor’s entry point. However, a significant price increase occurred in late February, with SHIB reaching a peak of $0.000045 on March 5th, 2024. This price surge presented a lucrative opportunity for the investor to cash in on his holdings.
This smart trader deposited all 1.24T $SHIB ($35.16M) to #Binance and #Gate.io 16hrs ago, realizing $23.5M (+146%) if truly selling!
Notably, the trader just realized $46.53M in profits from $FLOKI and #BIGTIME on Mar 9 and 10.
Overall, our system has detected 3 smart traders,… https://t.co/uG51ZLQuTf pic.twitter.com/pZkcDa2d2I
— Spot On Chain (@spotonchain) March 16, 2024
Profit Realisation and Market Impact
The data indicates that the investor held onto their SHIB tokens throughout the price rise, including the peak. However, their strategy shifted on March 15th, 2024, when they began to sell a portion of their holdings. The investor reportedly transferred approximately 241 billion SHIB tokens to Binance, potentially netting them around $6 million at the prevailing average price of $0.000029.
Furthermore, the whale transferred a significantly larger amount – 1 trillion SHIB tokens (worth roughly $29 million at the time) – to Gate.io. This brings the estimated total value of the SHIB sales to $35 million, representing the sale of 1.24 trillion SHIB tokens. Notably, the investor’s wallet appears to be currently empty, holding only a negligible amount of ETH (Ethereum) as of this writing.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: This Shiba Inu Trader Gained $5 Billion from $8,000 Investment. Here’s how and when
Times tabloid has reported other whale movements of SHIB, potentially leading to some Shiba Inu holders anticipating a price decline. Following these reports, the price of SHIB has indeed dropped by over 27%, from $0.00003505. It is currently trading at around $0.00002555, according to CoinMarketCap.
This instance highlights the potential for significant profits in the cryptocurrency market, even during periods of broader market correction. Nonetheless, it also underscores the innate volatility of this asset class.
While this investor’s strategy proved successful, it may not always be the case. As always, investors should remember that cryptocurrency prices can fluctuate dramatically, and every investment carries inherent risks.
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