Over the past week, Shiba Inu seemed to grab headlines following its remarkable market trends. In the latest development, a market insight provider, Spot On Chain, took to Twitter to describe how a shrewd trader applied the buy-the-dip, sell-the-ceiling technique to make huge profits, which amounted to $9.6 million of his Shiba Inu (SHIB) investment.
🌟 Smart trader that earned $9.6M+ from $SHIB has been subtly exchanging 75.4B $SHIB to $ETH and $USDT at $0.00000712 ($537K) on avg over the past 16 days.
Notably, $SHIB price showed visible drops after almost each of his sales.
Current balance: 329B $SHIB ($2.28M). pic.twitter.com/OllrScfBMi
— Spot On Chain (@spotonchain) June 18, 2023
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How Was This Trader Able To Pull This Stunt
Per Spot On Chain, the Whale recently swapped 75.4 billion Shiba Inu tokens for Ethereum (ETH) and Tether (USDT) at an average cost of $0.00000712. Each time the Whale completes a similar trading pattern, SHIB is bound to decline in price.
As a case study, the trader sold 14.66B SHIB tokens, which amounted to $100K. In addition, an outflow of 7.481B was noted on June 13, worth a whopping $50,000 bringing the Whale’s Shiba Inu balance down to 329 billion SHIB, worth $2.28 million.
Previous data proved that the trader’s smart trading moves began in 2021 when his portfolio surged to 1.02 trillion SHIB on March 15, 2021, after exchanging ETH and other coins. It is worth mentioning that Shiba Inu was worth roughly $0.000000068 at the time of making such profits.
This trader has consistently sold SHIB once the token begins to appreciate. According to on-chain data, this trader succeeded in selling 10 billion Shiba Inu coins when it reached its all-time high (ATH) of $0.000065, and this may contribute to the trader’s profit-taking tendencies.
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Amidst The Cryoto Bear Outlook, Shiba Inu Reclaims $0.000007
In a bid to solidify its position above the zone, SHIB has successfully climbed over the $0.000007 price territory; it is currently selling for $0.00000731 and is up by 0.41% in the past 24 hours.
After successfully reclaiming the $4 billion market capitalization, the digital asset has displaced Avalanche (AVAX), repositioning itself as the 17th largest crypto by market cap.
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