2024-3-22 03:00 |
Shiba Inu has been making millionaires since its inception in 2020 and this has not changed even as it has become a billion-dollar meme coin. A crypto investor recently made a $23.5 million from investing the SHIB token over the last two months. Here’s how they did it.
Shiba Inu Investor Makes BankOn-chain analytics platform Spot On Chain revealed that a particular trader had been making massive moves in the market over the last few months. The trader had begun buying large chunks of SHIB tokens back in January when the price was still trending below $0.00001. In total, the whale trader was able to accumulate around 1.24 trillion SHIB for $11.66 million at the time.
Then, over the next two months, the Shiba Inu price would go on an incredible rally that saw its price more than 4x. At its local peak, the SHIB price climbed as high as $0.00004 before retracing. This surge in price booked massive profits for the trader, and by mid-March, the whale investors saw their Shiba Inu holdings grow over $32 million.
On March 16, the trader finally took the plunge and deposited the entirety of their SHIB holdings to the Binance and Gate crypto exchanges. Now, when investors deposit coins to centralized exchanges, it is usually to sell. If this is the true intention of the whale investor and they were looking to sell, they would’ve made a total profit of $23.5 million after sending 1.24 trillion SHIB to exchanges.
This is not the only massive trade the whale trader has made in the last few months. Spot On Chain also revealed that this particular trader also made a profit of $44.3 million on their FLOKI holdings and $5.82 million from their BIGTIME holdings.
The Legendary SHIB InvestorWhile the whale investor above has made significant profits from investing in Shiba Inu, one trader still holds the record for a single legendary SHIB trade. An anonymous trader who identifies as “Shibtoshi” became a billionaire by investing $8,000 in the meme coin.
In 2023, Shibtoshi sat down for an interview with YouTuber Bad Anthony where he revealed that he had invested $8,000 in SHIB in August 2020. However, the token would not immediately perform well as Shibtoshi revealed it had dipped significantly after his purchase.
Eventually, the Shiba Inu market cap would rise as high as $30 billion and at the top, Shibtoshi’s SHIB stash was worth over $5 billion. This single trade remains legendary in crypto as Shibtoshi became the first person to become a billionaire from trading meme coins.
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