Recently, there have been notable gains in meme coins like Shiba Inu, which have made considerable profits for some investors. SHIB has risen sharply over the last ten days after lagging behind Bitcoin and other alternative cryptocurrencies for a while. Strong and vibrant community support is crucial for meme coins like Shiba Inu to take off and stay on course. Its expansion might be facilitated by the community’s continued support.
The token experienced a 130% spike in just one week, peaking at $0.000022, its highest level in some months. As a result, SHIB has grown to rank 13th in terms of market capitalization, with a current value of almost $12.5 billion.
Leading on-chain analytics company Lookonchain brought attention to the acts of a notable Shiba Inu investor that resulted in a multimillion-dollar gain.
$4,717,540 Profit from Shiba Inu’s Surge
A prominent investor moved 365.36 billion SHIB tokens to Binance, the top cryptocurrency market, in less than a day, according to a recent update on X from Lookonchain. Five different wallets provided the tokens for this project.
The market monitoring tool observed that the quantity of SHIB tokens that were recently deposited corresponded with the quantity that the Shiba Inu whale had taken out of Binance about two months prior. It is said that the $3.24 million worth of tokens were withdrawn between November 17, 2023, and December 27, 2023.
The most recent statement, however, states that the deposited Shiba Inu tokens were worth more than $5.76 million at the time of the transaction. Lookonchain estimated that the trader might make $2.5 million as a result of this.
Unlike the trader who made $4.71 million in profit over a four-month period, recently there were reports on the case of a shrewd trader who made over $700k from Shiba Inu in just two days after obtaining the SHIB tokens.
SHIB is currently trading at $0.00002178, up 34% over the last day, according to data from CoinMarketCap. In addition, SHIB peaked at $0.00002315 within same time frame. The whale’s Shiba Inu portfolio was once valued at $3.24 million at the time of withdrawal; with this market value, it is now worth an astounding $7,957,540. Therefore, if this Shiba Inu investor decides to sell their shares, they may potentially profit $4,717,540.