Trader makes a kill after earning at least $9.6 million from his Shiba Inu (SHIB) investment with smart tendencies dating back to 2021.
Spot On Chain, a market insight provider, took to Twitter to reveal how a smart trader used the “buy-the-dip, sell-the-ceiling” strategy to make a fortune on his Shiba Inu investment. Spot On Chain said this investor has raked in $9.6 million from his SHIB trades.
Notably, $SHIB price showed visible drops after almost each of his sales.
— Spot On Chain (@spotonchain) June 18, 2023
Spot On Chain highlighted that the whale recently exchanged 75.4 billion Shiba Inu tokens for Ethereum (ETH) and Tether (USDT) at an average price of $0.00000712. Notably, SHIB has dropped in price almost every time this trader orchestrates these sales.
For instance, the trader sold 14.66B SHIB on June 17 for $100K. Furthermore, an outflow of 7.481B was noted on June 13, worth a whopping $50K. This whale’s Shiba Inu balance currently stands at 329 billion SHIB, worth $2.28 million.
The trader’s smart tendencies date back to 2021, according to Spot On Chain. Data suggests that this investor’s portfolio rose to 1.02 trillion SHIB on March 15, 2021 after swapping ETH and other coins. At the time, Shiba Inu was retailing at a relatively low price of $0.000000068.
The trader then continued to sell Shiba Inu whenever the price appreciated. Per on-chain data, this investor sold 10 billion SHIB when Shiba Inu hit an all-time high (ATH) of $0.000065 at the time.
Furthermore, the trader’s profit-taking tendencies have been linked to Crypto.com, Coinbase, and decentralized exchanges (DEX).
Shiba Inu Reclaims $0.000007
Meanwhile, Shiba Inu recently towered over the $0.000007 price territory, seeking to solidify its position above the zone. SHIB is currently trading for $0.00000731, up 0.41% in the past 24 hours.
As The Crypto Basic previously disclosed, Shiba Inu has reclaimed the $4 billion market capitalization after plummeting below the mark for a brief period. The asset successfully outranked Avalanche (AVAX), repositioning itself as the seventh-largest crypto by market cap.