Shiba Inu Scores $3.2 Million After 2.6-Year Hold

17 May 2024

in SHIBA

Reading Time: 2 mins read

Shiba Inu [SHIB] has repeatedly shown its potential for significant returns. When the market thought this prospect was done, a whale was seen making headlines. The whale secured a staggering $3.2 million profit from SHIB after a 2.6-year holding period. The gains come during a time of cautious optimism and market uncertainty for SHIB. The meme coin was priced at $0.0000248 at press time following a 1.67% daily drop.

According to Spot On Chain, the whale’s profitable venture with Shiba Inu began between October 2021 and September 2023. During this time. they amassed 199 billion SHIB tokens, investing around $1.68 million at an average price of $0.000008468 per token. this strategic accumulation was facilitated through both Coinbase and decentralized exchanges.

Despite the eventual success, the whale’s journey was not without challenges. In May 2021, after Ethereum co-founder Vitalik Buterin donated $1 billion worth of SHIB to India’s COVID-19 relief, the whale purchased 138.568 billion SHIB at an average price of $0.000008385. However, due to a miscalculation of market recovery, they sold these tokens on Sept. 26, 2021, at $0.000007117 per token. This resulted in a loss of around $176,000 or a negative 15% return on investment.

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Market Patience

The initial loss underscored the importance of patience in the volatile crypto market. Learning from this experience, the whale held onto their subsequent SHIB purchases for a longer period. This strategy paid off when they transferred all SHIB holdings to Coinbase, achieving a 191% profit. This turned a $1.68 million investment into $4.88 million, netting a $3.2 million gain.

Also Read: Shiba Inu: Can You Become a Millionaire With SHIB in 2024?

Shiba Inu stands at a pivotal point, with its market performance closely monitored by investors worldwide. The $3.2 million profit realized by the whale underscores the importance of timing, market understanding, and strategic patience.

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