[ccpw id="39382"]

HomeCrypto NewsMarket$8,000 in Shiba Inu Turns to $5.7 Billion, as Shib Magazine 5th Edition Reveals Most Successful Crypto Trade Ever

$8,000 in Shiba Inu Turns to $5.7 Billion, as Shib Magazine 5th Edition Reveals Most Successful Crypto Trade Ever

Date:

Written By:

The Shiba Inu project has mentioned the most successful SHIB trade, and possibly the most successful crypto trade by an individual, in the fifth edition of the SHIB Magazine.

The cryptocurrency market has been a source of elation and angst for investors. Multiple market participants have made millions from pennies investing in assets such as Shiba Inu, while others have made pennies from millions making similar investments.

In the fifth edition of the recently introduced SHIB Magazine project, the Shiba Inu development team spotlighted the most profitable trade involving SHIB and possibly the most profitable crypto trade by an individual investor.

- Advertisement -

As seen in the magazine, the initial disclosure of this trade came from Morning Brew, a prominent mainstream New York-based media firm. Notably, the revelation suggested that the lucky investor had transformed $8,000 in Shiba Inu into $5.7 billion.

Details of the Shiba Inu Trade

On-chain data confirms the claim, showing that the investor purchased Shiba Inu in August 2020, shortly after SHIB launched. Interestingly, the purchasing spree was an elongated one, extending from Aug. 1, 2020, to Feb. 2, 2021. In all, the investor bought 103.3 trillion SHIB.

According to data from Etherscan, these tokens were procured with Ethereum (ETH) worth $8,000 in what appears to be a dollar-cost average technique. However, the unidentified investor started removing some of the tokens shortly after, offloading 33.13 trillion from Feb. 17 to April 18, 2021.

The address still held 70.17 trillion SHIB. These tokens soared to a worth of $5.712 billion on Oct. 27, 2021, representing a mind-blowing 71,414,700% ROI. Shiba Inu’s value had skyrocketed above $0.00008 at the time. This was the most profitable SHIB trade in history.

- Advertisement -

Speculation emerged, with several proponents aiming to uncover the entity behind the wallet address. Some speculated that it belonged to a person associated with Ryoshi, the anonymous founder of Shiba Inu. Others suggested that it might be an unaffiliated investor who lost their keys or is deceased.

Selloff Campaign

This theory was invalidated because the address moved 40 trillion SHIB to another address on Nov. 02, 2021. The address transferred another batch of 20 trillion SHIB tokens seven days later. Most recently, in July this year, 10 trillion SHIB flowed out of the address in 20 transactions worth 500 billion SHIB each.

The whale has sold off these tokens periodically, cashing in on the Shiba Inu success. It still holds 200 billion SHIB worth over $1.8 million against prevailing rates. This trade is another testament to SHIB’s ability to transform investors into millionaires or billionaires overnight.

Follow Us on Twitter and Facebook.

Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

More from Author

Latest Stories

Guides