A long-term Shiba Inu (SHIB) holder has reaped substantial profits by selling the memecoin after a prolonged hold, according to on-chain data from Lookonchain.
The investor, who had patiently held onto more than 48 billion SHIB tokens for over three years, realized a staggering 419x gain on their initial investment. They initially purchased the Dogecoin (DOGE) competitor in February 2021 for $2,625 and recently liquidated their holdings for $1.1 million, resulting in a profit exceeding $1.09 million.
"After remaining dormant for three and a half years, the super diamond trader finally offloaded SHIB at a profit. They acquired 48.09 billion SHIB for two ETH ($2,625) on February 1st, 2021, and sold it for 278.7 ETH ($1.1 million) [on May 27th], marking a gain of 419x!"
At the time of reporting, SHIB is valued at $0.00002569, exhibiting a nearly 1% increase over the past 24 hours.
Additionally, Lookonchain identified another astute trader who swiftly capitalized on trading Ethereum (ETH) this month. This trader had also amassed significant gains from selling ETH in March, having accumulated nearly 18,000 ETH between 2017 and 2020.
"Another savvy investor disposed of 3,025 ETH for 11.8 million DAI at $3,904 [on May 28th], yielding a profit of approximately $1.11 million. This investor had acquired 17,770 ETH from 2017 to 2020 at an average price of $182, and sold them at $3,503 on March 28th, 2024, accruing a profit of roughly $59 million!"
Source: Lookonchain/X
In conclusion, these instances underscore the potential for substantial gains in the crypto market for patient and strategic investors.
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