Smart Shiba Inu ecosystem investor capitalizes on the Shibarium-inspired BONE price surge to accumulate hefty profits within a few weeks.
Amid the prevailing dull state of the crypto market, Bone ShibaSwap (BONE) has remained among the top-performing assets for several weeks. This multi-week impressive performance has been attributed to the upcoming Shibarium mainnet launch.
Confirmed as the gas token of Shibarium, many traders took great interest in the asset and invested accordingly. Leading blockchain analytic platform Spotonchain spotlighted one such, revealing his massive profits.
Per SpotonChain, the unknown trader has realized roughly $541,000 gain from investing in BONE. This translated to a 66.8% gain in less than two months. The Monday update also showed that the trader has an unrealized gain of approximately $219,000.
? Address 0x840 sold a total of 572K $BONE to 465 $ETH ($876K) at $1.53 on avg ~16hrs & 4hrs ago, causing the price to drop 4-5% after each sale.
Notably, the address has made $541K (+66.8%) from $BONE so far
and may earn $219K more (still holds 407K $BONE ~$606K)
Details ? pic.twitter.com/AOHZ6ddIjl
— Spot On Chain (@spotonchain) August 14, 2023
How It Happened
According to the on-chain data visualizer, the trader bought 972,000 BONE tokens between June 5 and June 10, when the asset’s price recorded a drop.
In particular, he bought these BONE tokens at an average price of $0.76 using 63.7K DAI, 210.7K USDC, and 264 ETH. His total initial investment totaled $743K.
As the Shibarium mainnet launch edged closer and BONE peaked at $1.75, the trader took his first earnings on August 6 worth approximately $476,000. In particular, the unknown investor converted 272,000 BONE tokens to 255 ETH.
On the same day, he re-invested the 255 ETH tokens following a decline in BONE’s price to $1.64. The 255 ETH was worth $476 at the time of the transaction. Accordingly, the trader added 279K BONE tokens to his holdings.
Out of his holdings, SpotOnChain reported that the investor swapped a whopping 572.7K BONE at $1.53 per token to receive 465 ETH. At the time, the received 464 Ether tokens were equivalent to $876K. This has left the investor with 406.7K BONE in his wallet.
Overall, the trader purchased a total of 1.25M BONE at an average price of $0.96. So far, he has sold 844K BONE at an average of $1.6.
The decision to continue holding some tokens could stem from a belief that a possible listing of BONE on top exchanges, including Binance and KuCoin, would boost the asset’s value.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
