Shiba Inu [SHIB], a cryptocurrency known for its rapid price swings, recently experienced a surge that translated into hefty profits for one investor. On March 2, SHIB peaked at $0.024 before settling slightly lower at $0.22. Despite this dip, the lack of significant selling pressure among SHIB traders signals a strong bullish sentiment and a readiness to endure any market downturns. As of the latest update, Shiba Inu is trading at $0.00002337. It marked a daily surge of 7.8% and an impressive 137% increase over the past week. However, it’s important to note that SHIB still lags significantly behind its all-time high of $0.0000861 reached approximately two years ago.
A recent disclosure by Lookonchain revealed that a prominent investor deposited a whopping 365.36 billion Shiba Inu tokens into Binance, the largest cryptocurrency exchange, within just 24 hours. Notably, these tokens originated from five distinct wallets, suggesting a deliberate strategy by the investor.
Lookonchain speculated that the purpose behind this massive deposit might have been to capitalize on potential profits from these wallets. This speculation gained credibility given SHIB’s recent performance, particularly considering the investor’s lower acquisition price of the tokens.
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Influential Investor Deposits Millions of SHIB
What further supports this speculation is Lookonchain’s observation that the same value of SHIB tokens deposited recently had been withdrawn from Binance by the Shiba Inu investor about two months prior, between Nov. 17 and Dec. 27, 2023. At that time, the tokens were valued at $3.24 million. However, in the latest disclosure, the deposited Shiba Inu tokens were valued at over $5.76 million. This indicates a significant appreciation in value. This led Lookonchain to estimate a potential profit of $2.5 million for the investor.
This revelation underscores the dynamic nature of the cryptocurrency market and the potential for substantial gains for savvy investors. The Shiba Inu phenomenon, which emerged alongside the broader cryptocurrency market, continues to attract attention from retail and institutional investors. While meme coins like SHIB can be highly volatile and carry substantial risks, they also present opportunities for those with strategic acumen.
Also Read: From $1,000 to Profit: Shiba Inu’s Return Amidst Crypto Market Boom
In conclusion, the recent surge in Shiba Inu’s price has captivated crypto enthusiasts worldwide and translated into significant profits for astute investors. As the cryptocurrency market continues to evolve, opportunities for substantial gains may arise, but so do the risks.
