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SHIB Holder Manages to Turn $2,200 Worth of SHIB into $23 Million Profit, Here's How

Thu, 12/15/2022 - 11:38
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Tomiwabold Olajide
2.37 ETH worth of SHIB bought has profited so much
SHIB Holder Manages to Turn $2,200 Worth of SHIB into $23 Million Profit, Here's How
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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).

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.

5.6 Trillion SHIB Shifted by Whales as Shiba Inu Aims at Year-End Move

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.