During the latest Shiba Inu wave, one SHIB investor secured a profit of over $1,580,000 ($1.58 million) with an initial investment of $2,521 in early 2021.
Lookonchain, a blockchain surveillance platform with a knack for spotlighting these plays, revealed the impressive investment move in a recent post on X. Citing on-chain data, the platform noted that the investor entered for first time in the Shiba Inu market with a total of $2,521 in 2021.
This trader spent just 1.51 $ETH($2,521) to buy 49.8 billion $SHIB($1.93 million currently) in 2021!
After 2.6 years of staking, he withdrew all $40.5 billion SHIB ($1.58 million) and deposited it on #Coinbase 30 minutes ago.
If he sells, he will earn ~$1.58 million, a 628x profit! https://t.co/oE4sETZwa4 pic.twitter.com/4O7cxM6PRB
— Lookonchain (@lookonchain) March 5, 2024
The investor procured 49 billion + Shiba Inu with $2,521
The data confirms that it comes first, the individual exchanged 1.33 Ethereum (ETH) per SHIB on March 24, 2021. Shortly after, it sold 0.16 ETH per SHIB on April 16, 2021. These purchases were made when Shiba Inu had not registered his lightning-fast racewith the asset changing hands at a paltry $0.000000050588.
With this price, the investor was able to procure a total of 49.833 billion Shiba Inu tokens with an ETH value of $2,521. He moved 5 billion SHIB to another address, and then picketed 44.833 billion SHIB on ShibaSwap on July 6, 2021, the day the decentralized exchange (DEX) launched.
He continued to move some of the remaining SHIB. The investor also purchased Shiboshi, the Shiba Inu collection NFT, with 7.4 million SHIB in October 2021. He then took out 4.3 billion SHIB in December 2021, leaving 40.54 billion in stake.
A huge profit of $1.58 million
More recently, he not busy the 40.54 billion SHIB tokens. After staking these assets for 2.6 years, the tokens were worth a whopping $1.58 million at the time of yesterday’s withdrawal, according to Lookonchain.
The investor eventually transferred the 40.54 billion SHIB to Coinbase, triggering speculation of a sale after years of HODLing. In particular, if he had withdrawn and sold the 40.54 billion SHIB when Shiba Inu was trading at his ATH of $0.00008845 in October 2021 it reported a profit of $3.58 million.
However, he demonstrated his intention to resist for a long time and he also demonstrated this with his latest moves. Significantly, after transferring the 40.54 billion SHIB to Coinbase yesterday, the investor returned the tokens to his wallet five hours later.
He held the assets as balance, but their value has since declined due to the market-wide correction impacting the price of the Shiba Inu. SHIB is down 14.4% over the past 24 hours, trading at $0.00003514. The asset still sees a 221% gain over the past week.
