A recent move by a new Shiba Inu whale address has resulted in a profit of $8.3 million after transferring over 1.08 trillion SHIB tokens acquired last December to Binance for selling.
This positive development has occurred amidst the current market volatility. Shiba Inu has been experiencing a bearish trend, causing concern among investors as the possibility of a drop back to pre-March levels looms.
Data from IntoTheBlock reveals that 643,400 addresses, accounting for 47.94% of total wallets, are facing losses on their holdings. On the other hand, approximately 640,090 addresses, representing 47.69% of all Shiba Inu wallets, are in profit. This indicates that the number of addresses experiencing losses has surpassed those seeing gains for the first time since early March.
Despite the bearish outlook, periodic on-chain data highlights the profitability of certain investors. Lookonchain, a blockchain monitoring platform, recently highlighted a whale address that has made significant profits from its SHIB investments.
According to Lookonchain, this address transferred 1.08 trillion SHIB tokens to a Binance deposit address, resulting in a profit of $8.3 million if the tokens were sold. The investor initially purchased these tokens on Binance in the fourth quarter of 2023 at an average price of $0.000009255 across three transactions.
Although the investor could have made a larger profit if they had sold at the peak in March, they still managed to secure a substantial profit despite the current market conditions. This latest development demonstrates that substantial profits can still be achieved with Shiba Inu, albeit requiring significant investments.
It is important to note that the information provided in this article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.
