In a surprising feat, a SHIB holder has managed to pull off $23 million in gains off of an investment that was barely worth $2,200.
According to lookonchain, a blockchain data provider, the SHIB holder bought a total of 3.49 trillion SHIB at 2.37 ETH, which was worth $2,233 at the time, through Uniswap in 2020.
In separate transactions, the SHIB holder bought 2.27 trillion SHIB with nearly 1.83 ETH, which was worth $1,967 then. He then bought 1.22 trillion SHIB using two separate addresses at 0.54 ETH, which was worth $266 then. The totality of what was bought equals 3.49 trillion SHIB, worth over $2,233.
The SmartMoney bought 3.49T $SHIB at a cost of 2.37 $ETH ($2,233 at that time) via #Uniswap in 2020.
He/she spent ~1.83 $ETH ($1,967 at that time) to buy 2.27T $SHIB and bought 1.22T $SHIB via address "0x5952" and address "0x92f2," with a cost of ~0.54 $ETH ($266 at that time).
— Lookonchain (@lookonchain) December 15, 2022
The "smart money," according to Lookonchain, "hodled" his investment until April 2021 before he/she began to sell. And since April 13, 2021, the large holder has transferred out a total of 2.94 trillion SHIB. The latest transfer was 207.2 billion SHIB, or $1.9 million worth, moved to Binance.
Presently, the big holder has 0.55 trillion, or 546 billion SHIB, worth $4.86 million, left in his/her SHIB bag. The analysis of how this whale made $23 million, according to Lookonchain, goes thus: assuming he sells SHIB at the price he transferred it out at various times according to etherscan data, he will make $18.3 million on all of the SHIB he sold.
Then, coupled with the $4.86 million that is the value of his remaining SHIB holdings, this totals over $23 million. Thus, the SHIB he bought with 2.37 ETH in 2020 accrues nearly $23 million in profit.
Shiba Inu rallied millions of percent in 2021 as it gained traction following its August 2020 launch. Taken from all-time lows of $0.000000000082 reached on Sept. 1, 2020, SHIB is up a whopping 10.8 million percent, or 10,899,779%, according to CoinMarketCap data.
Sadly, SHIB has underperformed this year in price action, down 90% from all-time highs of $0.000088 attained in October 2021. The year 2022 has been a difficult year for cryptocurrencies, marked by industry failures and falling prices brought on by macroeconomic uncertainties.
At the time of publication, SHIB was down 3.16% at $0.0000088 and currently ranks as the 16th largest cryptocurrency by market valuation.