An unknown whale address has realized up to $23.5 million from investing in Shiba Inu in under two months.
The cryptocurrency market has been declining over the past few days as investors take profits across the board.
In one such eye-catching move to realize profits, on-chain data spotted a Shiba Inu whale that may have realized as much as $23.5 million from trading the cryptocurrency in just two months.
As the data shows, the whale began accumulating Shiba Inu on January 8. At the time, Shiba Inu traded around $0.000009, with the whale procuring and withdrawing as much as 1.44 trillion in SHIB tokens from Binance and Gate.io.
Following this large purchase spree, Shiba Inu continued to trade at around the whale’s entry price level until February 28, when the price exploded. At its peak on March 5, Shiba Inu traded as high as $0.000045, leaving the whale with substantial profits.
Meanwhile, on February 7, when Shiba Inu was still around $0.00009, the whale shuffled his portfolio, moving 500 billion of his SHIB holdings to Gate.io and adding 200 billion tokens from Binance. Lastly, on February 27, the addresses added 100 billion tokens, just before Shiba Inu’s run began.
Shiba Inu Whale Realizes Profits
The smart whale in question held Shiba Inu throughout its recent run, including the $0.000045 peak. However, it was not until four days ago, or March 15, that they began to realize profits on their assets.
The trader moved around 241 billion Shiba Inu tokens to Binance, and with Shiba Inu trading at an average of $0.000029 on the day, they may have realized up to $6 million from the sale.
Additionally, the trader deposited 1 trillion Shiba Inu tokens (valued at $29 million) to Gate.io, bringing the total sale value to 1.24 trillion SHIB (approximately $35 million). The address has emptied his account, currently holding only $637 worth of ETH as of press time.
This smart trader deposited all 1.24T $SHIB ($35.16M) to #Binance and #Gate.io 16hrs ago, realizing $23.5M (+146%) if truly selling!
Notably, the trader just realized $46.53M in profits from $FLOKI and #BIGTIME on Mar 9 and 10.
Overall, our system has detected 3 smart traders,… https://t.co/uG51ZLQuTf pic.twitter.com/pZkcDa2d2I
— Spot On Chain (@spotonchain) March 16, 2024
Notably, The Crypto Basic reported on this large move, alerting Shiba Inu holders to a potential decline in price action. Since then, the cryptocurrency’s price has dropped over 20%, trading at around $0.00002465.