Investor Makes $1.1M Profit From Shiba Inu After 3.5 Years of Dormancy

Popular market insight provider Lookonchain reveals how an early Shiba Inu investor made a fortune from SHIB, amounting to the tune of $1.1 million. 

According to Lookonchain, the early investor initially purchased 48,093,477,098 (48.09 billion) SHIB tokens on February 1, 2021, barely five months after Shiba Inu made its debut. The anonymous user procured the SHIB tokens by swapping 2 Ethereum (ETH) worth $2,625 at the time. 

Following the purchase, the wallet remained dormant for 3.5 years and was reactivated yesterday at 03:20 PM (UTC). In the recent transaction, the whale swapped all 48.09 billion SHIB tokens for 278.7 ETH, worth a whopping $1.1 million. According to Lookonchain, this represents a profit margin of 419x. 

After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.

He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc

— Lookonchain (@lookonchain) May 27, 2024

Data from Etherscan shows that the user initiated the swap via popular decentralized crypto exchange Uniswap. At the time of writing this line, the address held a total of 284.29 ETH, with a zero SHIB balance. 

Expectedly, the development stirred reactions within the Shiba Inu community, with enthusiasts deliberating on why the user did not sell their SHIB holding when the asset skyrocketed to an all-time high (ATH) of $0.00008845 on October 28, 2021.

If the address had sold the tokens at Shiba Inu’s all-time high price, he would have witnessed a return of $4.2 million. Interestingly, at this year’s peak of $0.000045, the tokens would have yielded $2.16 million. Nonetheless, the $1.1 million profit still represents a significant return from the meager $2,625 in initial investment.  

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Shiba Inu Rewards Early Investors  

This is not the first time Shiba Inu has turned a modest investment into a staggering profit. For instance, an anonymous investor turned a $30,000 investment in Shiba Inu into $450,000. 

Similarly, an early Shiba Inu investor netted a whopping return of $9.6 million after investing an undisclosed sum in SHIB in 2021 during the early days of the canine-themed token. 

At press time, SHIB trades for $0.00002488, having increased 2.1% over the past 24 hours. The token is currently down 71.98% from its all-time high. Despite the plunge, market watchers are optimistic that SHIB could surpass its previous ATH in the current market cycle, with predictions of $0.0001 making rounds within the Shiba Inu community.