A shrewd investor who earned a remarkable $8 million return from Shiba Inu has now shifted their attention to another high-performing asset amidst the current market frenzy.
Recently, the crypto surveillance platform Spot on Chain drew attention to the buying activities of this trader, who made a profit of $8.24 million from SHIB. According to the disclosure, the investor has now accumulated Wrapped Bitcoin (WBTC) after selling off their SHIB holdings just over a month ago, resulting in a 106% return.
Let’s delve into how this trader made the $8.24 million from Shiba Inu. Between March 1 and 31, they acquired a staggering 533.6 billion SHIB tokens through 11 different addresses. The investor spent $7.75 million to build up this Shiba Inu portfolio on March 1, purchasing at an average price of $0.00001453 per SHIB.
Interestingly, the investor entered the SHIB market during an aggressive uptrend that began four days earlier. Shortly after acquiring their SHIB tokens, Shiba Inu surpassed the $0.00002 threshold and continued to reach price levels not seen in three years.
On the fifth day, SHIB reached $0.00004534, resulting in the trader’s 533 billion Shiba Inu portfolio having a monetary value of $24,166,220.
Although the investor chose not to immediately profit from their position, the price of SHIB failed to sustain the uptrend. It occasionally dropped to the $0.00002 price level but generally stayed above $0.00003 throughout March.
After holding onto Shiba Inu for 30 days without any significant signs of further growth, the trader decided to liquidate their SHIB holdings. They sold the 533.6 SHIB tokens for approximately $16 million in DAI stablecoin, resulting in a profit of $8.24 million.
It’s worth noting that the liquidation price was an average of $0.00003 per SHIB. Considering the entry price of $0.00001453, the investor saw a return of over 106% within 30 days of holding Shiba Inu.
In the following days, the crypto market experienced significant price declines, with SHIB revisiting the $0.00001453 level. Overall, the trader’s exit from SHIB was perfectly timed.
Now, the market is witnessing a surge in Bitcoin, with its price reclaiming the $66,000 level. This surge has notably impacted altcoins like Shiba Inu. However, the trader decided to explore new opportunities instead of reinvesting in Shiba Inu.
Specifically, the investor allocated $16.22 million to acquire WBTC at an average price of $64,449 per token. Spot on Chain has observed that this wallet has already made a profit of $380K in just a few hours due to Bitcoin’s surge.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
