The popular meme, Shiba Inu, has made millionaires since its inception in 2020, and that hasn't changed even as the cryptocurrency becomes worth $1 billion.
Meanwhile, one cryptocurrency investor recently made $23.5 million through his Shiba Inu investments over the past two months.
On-chain analytics platform Spot On Chain revealed that a trader has made massive moves in the market over the past few months. He started buying large amounts of Shiba tokens in January when the price was still below $0.00001. In total, the whale trader was able to amass about 1.24 trillion worth of digital currency for $11.66 million at the time.
Then, over the next two months, the price of the Shiba Inu would see a record high that saw its price rise more than 4 times. At its peak, the price of the digital currency rose to a high of $0.00004 before retreating from this level. This price rise resulted in huge profits for the trader, and by mid-March, this whale had seen his Shiba Inu holdings grow by more than $32 million.
On March 16, the trader finally made his decision and deposited his entire holdings from Binance and Gate. When investors deposit cryptocurrencies on centralized exchanges, it is usually in order to sell them. If this was the investor's true intention and they intended to sell, they would have made a total profit of $23.5 million after depositing 1.24 trillion Chiba tokens on these exchanges.
This is not the only huge trade this whale has made in the past few months. Spot On Chain also revealed that this particular trader also made a profit of $44.3 million from his holdings in another meme coin, FLOKI, and $5.82 million from his holdings in BIGTIME.
Legendary investor
While the above cryptocurrency whale has made huge profits investing in the Shiba Inu, one trader still holds the record for trading this cryptocurrency. This anonymous investor, known as Shibtoshi, became a billionaire by investing $8,000 in the meme coin.
In 2023, Shibtoshi gave a YouTube interview with Bad Anthony, where he revealed that he invested $8,000 in Shiba in August 2020. However, the token did not perform well immediately as Shibtoshi revealed that it declined significantly after purchasing it.
But ultimately, with the Shiba Inu's all-time high market capitalization of around $41 billion, which was reached in October 2021, the value of Shiba Inu coins exceeded more than $5 billion. This investment process remains legendary in the field of cryptocurrencies, as Shibitoshi became the first person to become a billionaire through trading meme currencies.
