Trader nets 419x profit by selling SHIB after 3-year hold
Release: 2024/05/29 20:34 Reading: 778
A Shiba Inu Trader's Patience Rewarded with a Massive Profit
A Shiba Inu (SHIB) trader has reaped a substantial profit by meticulously timing their trade and leveraging favorable market conditions.
According to LookOnChain, the "super diamond trader" initiated a transaction after 3.5 years of inactivity, transforming an initial investment of 2 Ethereum (ETH), equivalent to approximately $2,625 at the time, into a remarkable windfall.
On February 1, 2021, the trader purchased 48.09 billion SHIB tokens at a value of $0.00000001 each. Fast-forwarding to May 27, 2024, they sold their SHIB holdings for 278.7 ETH, worth roughly $1.1 million, representing an astonishing 419-fold return on their initial investment.
The transaction utilized a Maximal Extractable Value (MEV) bot, a technique that maximizes profitability by manipulating the order of transactions within a block on the Ethereum network. While MEV transactions can influence gas fees, they typically do not impact the asset's overall price, as they exploit sequence manipulation rather than supply and demand dynamics.
Surge in Memecoin Interest
This profitable trade coincided with a surge in interest in memecoins. CoinMarketCap data indicates a 40% increase in the cumulative trading volume of memecoins on May 28, exceeding $13 billion. The increased activity highlights the growing fascination with these digital assets.
Despite the significant SHIB sale, the token's price remained relatively stable due to the MEV bot transaction's nature. This method extracts value without causing significant market disruptions, ensuring that the larger market dynamics remain unaffected.
The trader's decision to sell was likely influenced by the 25% rally in Ethereum's price, allowing them to capitalize on the favorable conditions.
Following the transaction, the trader's wallet, identified as "0xe338," now holds over $1.085 million in Ethereum, according to CoinStats.
SHIB Price Analysis
SHIB is currently trading at $0.0000277, with a one-day gain of over 2.5%. Traders are finding SHIB accumulation attractive, particularly with Coinbase's recent announcement of 1,000 SHIB perpetual contract trading from May 30.
The token has been fluctuating between support at $0.000025 and resistance at $0.00003. Its latest surge aligns with an uptick in key ecosystem metrics, including a trading volume of nearly $2.4 billion in the past 24 hours, surpassing Dogecoin's $1.5 billion.
While SHIB remains the second-largest meme coin behind Dogecoin, it continues to provide opportunities for potential gains. However, it is crucial to remember that market trends can shift abruptly, emphasizing the importance of thorough research before investing.
Disclaimer:
The information provided is not intended as investment advice. Investing involves risk, and your capital is at risk when making any investment.
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