A cryptocurrency investor held Shiba Inu for 2.6 years and turned a $1.68 million investment into $4.88 million.
The investor overcame an initial loss by holding onto their SHIB tokens during market dips.
This story shows the potential benefits of a patient and strategic approach to cryptocurrency investing.
In a remarkable display of patience and strategic investment, a cryptocurrency whale has made a staggering $3.2 million profit from Shiba Inu ($SHIB). After holding the asset for nearly 2.6 years, this investor’s journey from an initial $176k loss to a substantial gain offers valuable insights into the volatile world of cryptocurrency trading.
From Setback to Success
According to blockchain tracking platform Spot On Chain, the whale initially bought 199 billion SHIB tokens for around $1.68 million. These purchases were made through Coinbase and various decentralized exchanges (DEX) between October 10, 2021, and September 11, 2023.
However, the investor faced an initial setback when they purchased 138.568 billion SHIB at an average price of $0.000008385. This buy came after a significant market dip triggered by Ethereum co-founder Vitalik Buterin’s donation of $1 billion worth of SHIB to India’s Covid relief in May 2021, leading to an immediate loss of $176k.
This initial loss might have prompted the investor to adopt a more patient strategy. Despite the setback, the whale decided to hold onto their SHIB tokens. This decision to weather the market’s ups and downs proved to be wise.
The Big Payoff
Just hours before Spot On Chain reported the whale’s activities, the investor deposited all their SHIB holdings, now valued at $4.88 million, back into Coinbase. This strategic move secured an estimated profit of $3.2 million, representing a 191% increase from the initial investment.
The Power of Patience in Crypto Investing
This success story shows the potential rewards of patient and strategic investing in the cryptocurrency market. The whale’s ability to hold onto SHIB through market fluctuations highlights the importance of not giving in to short-term market pressures.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.