A new Shiba Inu whale address secures a profit of $8.3 million after recently moving over 1.08 trillion SHIB tokens procured last December to Binance for liquidation.
This bullish development comes amid the ongoing market turbulence. Shiba Inu has been in bearish momentum, with investor angst reaching multi-month levels as the bears threaten a collapse toward the pre-March rally. Data from market resource IntoTheBlock indicates that 643,400 addresses, 47.94% of total wallets, are witnessing losses on their holdings.
Meanwhile, about 640,090 addresses, representing 47.69% of the total Shiba Inu wallets, are in the money or seeing gains. This shows that Shiba Inu addresses observing losses on their investments are now greater than those seeing gains for the first time since early March.
Shiba Inu Investor Rakes in $8.3M Profit
Despite this bearish metric, periodic on-chain data provides insights into respective profitabilities of some investors. Lookonchain, a blockchain surveillance resource, recently called attention to one such investor, a whale address that made millions in profits from procuring SHIB a few months back.
A whale deposited all 1.08T $SHIB($18.4M) to #Binance 1 hour ago, making a profit of ~$8.3M!
This whale withdrew 1.08T $SHIB(cost ~$10.07M) from #Binance on Nov 24, Dec 4, and Dec 22, 2023.
He has an unrealized profit of $29M at the peak of $SHIB!https://t.co/WVWceN0JHe pic.twitter.com/FKWD6cYJiY
— Lookonchain (@lookonchain) June 24, 2024
According to Lookonchain, the address moved 1,087,988,359,122 (1.08 trillion) SHIB to a Binance exchange deposit address today at 10:41 UTC. Interestingly enough, Lookonchain confirmed that the provenance of the funds indicate that the address had made a profit of $8.3 million if the whale sold the tokens.
Notably, the whale procured these 1.08 trillion Shiba Inu tokens on Binance in the fourth quarter of 2023 at an average price of $0.000009255. The investor amassed the assets across three transactions involving 250 billion SHIB, 600 billion SHIB and 237 billion SHIB respectively on Nov. 24, Dec. 4 and Dec. 22 last year.
The investor then moved the tokens, which were purchased with a total of $10.07 million, out of Binance. Lookonchain stressed that if he had sold the assets at the Shiba Inu yearly peak in March, he would have realized a profit of $29 million. Instead, the whale appears to have sold during the ongoing market downturn, but still realized a profit of $8.3 million.
The latest development confirms that investors can still secure massive profits with Shiba Inu despite the current market conditions. However, such massive gains would require substantial investments. The Crypto Basic disclosed in March that a whale made $23.5 million profit from a Shiba Inu investment within two months.
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.
