The whale profits $3.2M from SHIB tokens after 2.6 years of holding
The whale bought these SHIB tokens from Coinbase and DEXs at an average price of $0.000008468.
A significant Shiba Inu transaction has caught the crypto community’s attention as a major investor, identified by the wallet address 0x541, moved all 197.99 billion SHIB tokens, worth approximately $4.88 million, to Coinbase. This action follows six months of inactivity with the token, with the sale price at $0.00002463.
The whale initially acquired these SHIB tokens from Coinbase and decentralized exchanges at an average price of $0.000008468, investing about $1.68 million between October 2021 and September 2023. If the whale proceeds with selling the tokens at the current price, they stand to gain an estimated profit of $3.2 million, representing a 191% increase after holding the tokens for 2.6 years.
A whale just took a $3.2M (x2) profit from $SHIB after 2.6 years!The whale bought 199B $SHIB (est. cost: $1.68M) from #Coinbase and DEX between Oct 10, 2021, and Sep 11, 2023,And then deposited all $SHIB (now $4.88M) to #Coinbase 3 hours ago, realizing an est. profit of $3.2M… pic.twitter.com/rMkMf7Z13i
— Spot On Chain (@spotonchain) May 17, 2024
In a previous transaction, this whale experienced a loss of approximately $176,000. They had purchased 138.568 billion SHIB at an average price of $0.000008385, mostly after the Shiba Inu price dropped following Vitalik Buterin’s $1 billion donation of Shiba Inu to India for COVID relief in May 2021. However, the whale sold these tokens at $0.000007117 on September 26, 2021, resulting in a $176,000 loss, just before the SHIB price hit an all-time high.
Despite this recent large-volume transaction, SHIB’s market value has demonstrated volatility, with a 2.88% decline over the past day after an 8% rally. At the time of writing, Shiba Inu traded at $0.00002433 with a market cap of $14.3 billion. However, it has shown a 3.5% increase over the past week.
Is the Hype Around Meme Coins Cooling Off?
Meme coins are notorious for their extreme volatility and the waves of FOMO they generate, particularly during bullish market phases, as retail investors seek high returns.
This week, while most memecoins showed little movement, several leading tokens by market cap recorded substantial gains. For instance, FLOKI surged by 9.53% in a single day. Despite lagging behind some competitors, Shiba Inu and Dogecoin (DOGE) continue to dominate 70% of the memecoin market.
Additionally, PEPE saw a 6.81% increase over the past 24 hours, recovering from a recent slump. The overall market turned green on Thursday, with Bitcoin reaching a new weekly high. Observers are keen to see if SHIB and DOGE will follow this upward trend.