Being one of the biggest rewarders of the 2021 bull season, Shiba Inu (SHIB) is on the verge of replicating a similar trend in this year’s bull season.
According to the Shiba Inu (SHIB) data on Coincodex, the canine-themed crypto asset has been on a rollercoaster run. It was changing hands at about $0.00004 after surging by approximately 49% in 24 hours. However, there has been a notable pullback over the last few hours. The pullback began after Bitcoin recorded a new all-time high.
Read Also: Tron Founder Justin Sun Withdraws 500 Billion SHIB From Binance
Interestingly, the digital assets price tracking site also revealed that Shiba Inu is now the number one crypto under 1 cent ($0.01). For context, being the number one cryptocurrency under one cent implies that SHIB offers holders significant upside potential because of its low price and, usually, its nascent state of development.
With the above market statistics, it should not be strange that Shiba Inu is already rewarding investors.
In this insight, we shall reveal a Shiba Inu whale trader activity as revealed by Lookonchain, a blockchain analytical platform. The yet-to-be-identified investor’s trading escapade was deemed a topic of interest because of the massive gains associated with the dealing.
A whale deposited 365.36B $SHIB($5.76M) to #Binance to take profits via 5 addresses in the past 11 hours.
— Lookonchain (@lookonchain) March 2, 2024
He withdrew 365.36B $SHIB ($3.24M) from #Binance from Nov 17 to Dec 27, 2023.
If he sold all $SHIB, he would make more than $2.5M!
Address:https://t.co/iV7G0TxMql pic.twitter.com/M5J9D38QiF
Whopping Profits From Shiba Inu (SHIB) Investment
Taking to X, Lookonchain disclosed how an anonymous whale investor triggered the transfer of 365.36 billion SHIB to Binance, the world’s leading exchange, within 24 hours. The blockchain analytical firm added that the transferred SHIB tokens were moved from five distinct wallets.
Citing the possible reason for the trader’s spontaneous decision, Lookonchain suspected that the trader might be aiming for profits from the five wallets.
The assertion above could be a big possibility considering SHIB’s current market statistics and when the trader secured the SHIB holdings.
Read Also: 300 Billion SHIB Moved to Coinbase; 1.4Trillion SHIB Unloaded In Four Days
In addition, Lookonchain noted that a similar amount of SHIB tokens were moved from Binance to other wallets between November 17 and December 27, 2023. SHIB’s price around the late quarter of 2023 implies that the SHIB tokens were worth an approximated $3.24 million.
At the time of posting the tweet public, the 365.36 billion SHIB tokens were valued at an estimated $5.76 million, resulting in Lookonchain reporting a potential $2.5 million profit.
Estimated Profits Based On Current Price
Meanwhile, while drafting this report, Shiba Inu (SHIB) was trading at $0.00002889, indicating that 365.36 billion SHIB will be valued at approximately $10.6 million, representing profits of roughly $4.79 million.
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