3.5-Year Dormant Whale Sells Shibainu (SHIB) for 419X Profit
On-chain data analytics firm LookOnChain reported on Monday (Aug. 28) that a “super-diamond trader who has been dormant for 3.5 years has made a 419-fold profit on Shibainu (SHIB) coins,” according to X. The trader bought approximately 48 billion SHIB coins in February 2021 in a little-known move. The trader bought around 48 billion SHIB coins in February 2021, when it was still largely unknown. SHIB Coin captured the attention of the investment community in October 2021 when it briefly surpassed rival Dogecoin (DOGE) by market capitalization. Dogecoin's rival is still down more than 70% from its all-time high of $0.00008616 reached in October 2021.
While SHIB's meteoric rise has turned some holders into millionaires and billionaires, it has been a somewhat disappointing performer in this bull market cycle. According to crypto news outlet Yutoday, the trader is skeptical of SHIB's potential for further gains and is considering switching to another meme (internet buzzword) coin that has been on the rise recently.
In 2021, one wallet was said to be worth $570 million after investing just $8,000, but the altcoin market is becoming more crowded. SHIB, the 11th largest cryptocurrency by market capitalization, is currently trading at $0.00002529, up 3.33% from 24 hours ago, according to CoinMarketCap. At the same time, the original meme cryptocurrency Dogecoin (DOGE), the eighth largest cryptocurrency by market capitalization, is trading at $0.168, up 0.69%.
