New Shiba Inu Whale Nets $8.3 Million Profit After Moving Over 1.08 Trillion SHIB Tokens to Binance for Liquidation
Shiba Inu has been on a downward trend, with investor concerns reaching multi-month highs as bearish sentiment threatens to drive prices down to pre-March levels. Data from market resource IntoTheBlock indicates that 643,400 addresses, representing 47.94% of total wallets, are currently experiencing losses in their holdings. Meanwhile, about 640,090 addresses, or 47.69% of total Shiba Inu wallets, are in the money or witnessing gains. This marks the first time since early March that Shiba Inu holders experiencing losses outnumber those with gains.
Shiba Inu Investor Nets $8.3 Million Profit
Despite this bearish metric, on-chain data periodically offers insights into the profitability of some investors. Lookonchain, a blockchain monitoring resource, recently highlighted one such investor who made millions from purchasing SHIB a few months ago.
On June 24, at 10:41 UTC, 1,087,988,359,122 (1.08 trillion) SHIB were transferred to a Binance deposit address. Interestingly, Lookonchain confirmed that if the whale sold the tokens, they would realize a profit of $8.3 million. Notably, the whale bought 1.08 trillion Shiba Inu tokens on Binance in Q4 2023 at an average price of $0.000009255 per token. The investor accumulated these assets through three transactions: 250 billion SHIB on November 24, 600 billion SHIB on December 4, and 237 billion SHIB on December 22 last year.
Lookonchain emphasized that if the investor had sold the assets at Shiba Inu’s annual peak in March, they would have secured a profit of $29 million. Instead, it appears the whale sold during the ongoing market slump, yet still netted a profit of $8.3 million. The investor had moved the tokens, purchased for a total of $10.07 million, for liquidation on Binance.
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This recent development confirms that substantial profits can still be made with Shiba Inu despite the current market conditions. However, such significant gains necessitate considerable investments. In March, another report revealed that the whale had made $23.5 million from a Shiba Inu investment within two months.
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