Well-known on-chain resource Lookonchain called attention to the activity of a Shiba Inu whale that resulted in a multi-million-dollar profit.
In a recent post on X, Lookonchain noted that an influential investor deposited 365.36 billion Shiba Inu into Binance, the largest crypto trading platform, within 24 hours. The tokens originated from five different wallets.
A whale deposited 365.36B $SHIB($5.76M) to #Binance to take profits via 5 addresses in the past 11 hours.
He withdrew 365.36B $SHIB ($3.24M) from #Binance from Nov 17 to Dec 27, 2023.
If he sold all $SHIB, he would make more than $2.5M!
Address:https://t.co/iV7G0TxMql pic.twitter.com/M5J9D38QiF
— Lookonchain (@lookonchain) March 2, 2024
Shiba Inu Investor Makes $4.71M Profit
Lookonchain suggested that the purpose behind the deposit was potentially to capitalize on profits from these addresses. This speculation stemmed from SHIB’s recent performance, especially considering the lower price at which the whale had acquired the SHIB tokens.
In particular, the market tracker observed that the same value of SHIB tokens deposited recently had been withdrawn from Binance by the Shiba Inu whale about two months ago. Reportedly, the withdrawal occurred between November 17 and December 27, 2023.
At that time, the tokens were valued at $3.24 million. However, as stated in the recent disclosure, the deposited Shiba Inu tokens held a value of over $5.76 million at the time of the transaction. This led Lookonchain to estimate a potential profit of $2.5 million for the trader.
Meanwhile, more recent data suggests a more staggering profit profile for the whale, considering Shiba Inu’s latest uptick.
According to CoinMarketCap data, at press time, Shiba Inu trades at $0.00002178, reflecting a 34% gain within the last 24 hours. Besides, SHIB has reached a high of $0.00002315 over the past day.
Based on this market value, the whale’s Shiba Inu portfolio now stands at an impressive $7,957,540, compared to the initial $3.24 million valuation at the time of withdrawal.
Consequently, this Shiba Inu investor could potentially realize a profit of $4,717,540 should they choose to liquidate their holdings.
More Profitable SHIB Whales
In contrast to the four-month period it took for the aforementioned trader to generate a $4.71 million profit, The Crypto Basic recently revealed the case of a savvy trader who has seen over $700k from Shiba Inu in just two days of holding the SHIB tokens.
These remarkable profit profiles emerged as Shiba Inu surged by over 130% within the last seven days, breaking its 22-month highs.
