Smart Money Makes $504M With Shiba Inu

Renowned crypto surveillance platform Lookonchain has identified a savvy Shiba Inu investor who has transformed barely $4K into a million-dollar fortune.

In a recent tweet, Lookonchain called attention to an influential Shiba Inu investor who has moved to take a profit after holding the asset for nearly four years.

A $SHIB SmartMoney deposited 200B $SHIB($6.5M) to #Gemini and #Cryptocom to take profits.

This SmartMoney spent only 10 $ETH($3,793) to buy 15.27T $SHIB($496M currently) in 2020.

He currently holds 2.6T $SHIB($84.4M) and the total profit is ~$127M!https://t.co/BWxcnWuwFR pic.twitter.com/0n0J3M20aV

— Lookonchain (@lookonchain) March 12, 2024

Smart Money Acquiring 15T Shiba Inu

According to blockchain data, the trader’s Shiba Inu accumulation spree began in 2020. He was among the early adopters of SHIB, purchasing it in August 2020, the same month the asset launched. 

Specifically, the trader exchanged 10 Ethereum tokens valued at around $3,793 for 15,276,550,595,808 SHIB (15.27 trillion).

After the price of Shiba Inu picked momentum later in 2021, the trader orchestrated a series of sales, dumping as much as over 10 trillion SHIB tokens via decentralized exchange Uniswap.

The sales continued even after Shiba Inu’s price peaked at $0.00008845 in October 2021. By this time, Shiba Inu had secured major listings from centralized exchanges, including Binance, Kraken, and Crypto.com. 

As a result, the trader began re-accumulating SHIB piecemeal via the exchanges as the 2021 bull season gradually ended, with SHIB’s price collapsing. The accumulation spree ended in November 2022. Lookonchain estimated that this smart Shiba Inu trader bought back 535 billion SHIB tokens. 

SHIB Investor Takes $127M Profit

However, this early Shiba Inu adopter resumed selling Shiba Inu in the concluding weeks of 2022 and maintained the trend until 2024 without any purchases. 

One of his recent selloff moves includes the transfer of 200 billion SHIB to Gemini and Crypto.com exchange. According to Lookonchain, the prominent Shiba Inu investor has profited $127 million from the initial investment of $3,793.

Data from Etherscan indicated that this early SHIB adopter still holds 2.6 trillion Shiba Inu, valued at over $85.67 million as of press time.

Assuming this smart trader retained his initial 15.27 trillion SHIB without taking profit until today, the portfolio would be worth a staggering $504,126,169 with SHIB price at $0.000033.

Moreover, the Shiba Inu portfolio would have been valued at over $1.35 billion at SHIB’s all-time high of $0.00008845.

Notably, this speculative guess has a real-life equivalent. The Crypto Basic has reported the account of a similar smart Shiba Inu investor who carted away $5.7 billion with a mere $8k investment.