A Shiba Inu crypto whale has recently made a substantial profit of $3.2 million after holding their investment for 2.6 years, according to a report by Spot On Chain. The whale initially purchased 199 billion SHIB tokens, worth around $1.68 million, between October 2021 and September 2023. They recently transferred all their SHIB holdings to Coinbase, resulting in an impressive 191% profit.
The whale accumulated SHIB tokens from both Coinbase and decentralized exchanges, with an average purchase price of $0.000008468. This accumulation took place from October 10, 2021, to September 11, 2023, and involved an estimated investment of $1.68 million.
However, the whale did experience a loss in a previous trade. They purchased 138.568 billion SHIB tokens at an average price of $0.000008385 after Ethereum co-founder Vitalik Buterin donated $1 billion worth of SHIB to India’s Covid relief on May 12, 2021. The whale then sold these tokens prematurely on September 26, 2021, at $0.000007117 per token, resulting in a loss of approximately $176,000.
Spot On Chain suggests that this earlier loss may have taught the whale the importance of patience. The recent profitable exit coincides with the ongoing accumulation of Shiba Inu by other large holders. Since March, whales and sharks have added over 4.35 trillion SHIB to their balances, driven by the coin’s price surge in late February. Addresses holding between 100,000 and 1 million SHIB, as well as those with over 1 billion tokens, have seen significant increases in their cumulative balances.
It is worth noting that other whales are also shifting their profits to different asset classes, possibly as a change of strategy. One notable investor, who made an $8.24 million profit from Shiba Inu, has reportedly turned their focus to Wrapped Bitcoin (WBTC). This investor acquired 533.6 billion SHIB in March 2024 for $7.75 million and is now accumulating WBTC.
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