Early Shiba Inu Investor Cashes In $9.5M During Recent SHIB Dip. Here’s how
Release: 2024/12/21 13:44 Reading: 954
An early Shiba Inu investor netted a profit of $9.59 million by selling nearly 400 billion tokens during the ongoing market downturn. The transaction was tracked by Lookonchain, a platform that monitors crypto transactions.
The wallet that made these trades initially bought 15.28 trillion SHIB for just $3,800 in August 2020, an average price of $0.000000000248 per token. By October 2021, the token's price had skyrocketed to an all-time high, driving the value of the investor's holdings to a staggering $1.22 billion.
Since then, the investor has been gradually selling portions of their SHIB, capitalizing on the token's price appreciation.
Recent Shiba Inu (SHIB) Sale Details
The latest sale involved multiple transactions that transferred nearly 400 billion tokens to the Gemini exchange. Lookonchain data indicates that there were three initial transactions totaling 250 billion SHIB, broken down into 10 million, 99.98 billion, and 150 billion tokens. Shortly after these transactions, the investor sent another 150 billion SHIB to Gemini, bringing the total to around 399.99 billion tokens.
With SHIB trading at $0.000024 at the time of the sale, the 400 billion tokens were worth $9.6 million. This represents a significant profit, considering that the investor had acquired these tokens for only $99.19 in 2020.
Additional sales have been made on exchanges like Crypto.com and Gemini in recent weeks. Despite these sizable sales, the wallet still holds a balance of 2 trillion tokens, valued at approximately $48 million.
Market Conditions and Broader Trends
The investor's decision to sell aligns with the broader cryptocurrency market downturn, led by Bitcoin's declining price. SHIB has also been affected by the bearish trend, with its value dropping during the recent market dip.
Amidst this market volatility, many investors have opted to convert riskier assets into stablecoins like USDT to safeguard their funds. In a related move, Lookonchain reported that another investor had transferred 150 billion PEPE tokens (worth $2.72 million) to Binance in response to the market decline.
Investor Strategies Amidst the Dip
The investor who sold the PEPE tokens had previously acquired them for $2.94 million, along with 60 billion SHIB worth $1.52 million on November 28. However, they faced losses of $219,000 on PEPE and $136,000 on SHIB due to the market downturn. While the PEPE tokens were sold, the investor retained their 60 billion SHIB tokens.
This latest sale exemplifies the strategic moves of early investors in volatile market conditions. While some are selling to secure profits or mitigate losses, others maintain confidence in the token's long-term potential.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Do your own research and seek professional advice before making any investment decisions.
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