Amid a lackluster crypto market, one savvy investor within the Shiba Inu ecosystem has capitalized on the Shibarium-induced surge of the BONE token, amassing substantial profits within a few weeks.
The impressive performance of BONE, sustained over multiple weeks, can be attributed to the anticipation surrounding the approaching Shibarium mainnet launch.
A Standout Performer
While many cryptocurrencies struggled in the recent market conditions, BONE remained a top-performing asset, garnering significant attention from traders.
As the confirmed gas token of Shibarium, BONE attracted substantial interest and investment from the trading community. Leading blockchain analytic platform Spotonchain highlighted one such trader, shedding light on their notable gains.
Read Also: Bitrue Introduces New Shibarium Staking Pool. Stake LEASH and BONE to Earn SHIB. Here’s how
Spectacular Gains
According to Spotonchain, an unknown trader reaped gains of approximately $541,000 from their BONE investment, translating to a remarkable 66.8% increase within a span of less than two months. Furthermore, the trader currently holds an unrealized gain of around $219,000, indicating the potential for further profits.
🚨 Address 0x840 sold a total of 572K $BONE to 465 $ETH ($876K) at $1.53 on avg ~16hrs & 4hrs ago, causing the price to drop 4-5% after each sale.
Notably, the address has made $541K (+66.8%) from $BONE so far
and may earn $219K more (still holds 407K $BONE ~$606K)
Details 👇 pic.twitter.com/AOHZ6ddIjl
— Spot On Chain (@spotonchain) August 14, 2023
The Path to Profit
On-chain data visualizer Spotonchain revealed that the trader acquired 972,000 BONE tokens between June 5 and June 10, strategically capitalizing on a dip in the asset’s price. The average purchase price stood at $0.76, facilitated through 63.7,000 DAI, 210,700 USDC, and 264 ETH. The initial investment amounted to $743,000.
As the highly anticipated Shibarium mainnet launch approached and BONE reached its peak at $1.75, the trader seized the opportunity, cashing out their first earnings on August 6. The trader converted 272,000 BONE tokens to 255 ETH, yielding approximately $476,000.
Subsequently, with a decline in BONE’s price to $1.64, the trader reinvested the 255 ETH tokens, worth $476 at the time, adding 279,000 BONE tokens to their holdings.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Spotonchain further reported that the investor exchanged 572,700 BONE at $1.53 per token, receiving 465 ETH. The 464 Ether tokens were valued at $876K at the time, leaving the trader with a remaining balance of 406,700 BONE.
Read Also: Binance CEO Called to a Shiba Eternity Duel for BONE and LEASH Listing: Details
Strategic Holdings
Overall, the investor acquired a total of 1.25 million BONE tokens at an average price of $0.96. They have already sold 844,000 BONE at an average of $1.6. Interestingly, the decision to retain some tokens suggests a belief in the potential value surge if BONE secures listings on prominent exchanges, including Binance and KuCoin.
Please note: This showcase of impressive gains within the Shiba Inu ecosystem serves as an example of successful investment strategies. Market dynamics can change rapidly, and investment decisions should be made with thorough research and consideration. Consult financial experts for personalized advice and analysis.
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