Trader who earned 120M in SHIB purchases 18M worth of Shiba Inu
After amassing a significant fortune of over $120 million through trading Shiba Inu (SHIB), a cryptocurrency trader has recently made a bold move by investing more than $18 million to acquire over 700 Shiba Inu tokens in a short span of time. This action indicates a growing confidence among SHIB whales in the future prospects of this meme crypto asset.
The investor initially purchased 5.5 trillion SHIB for $400,000 and later sold them at two separate price peaks, resulting in a profit of $121 million. Subsequently, they utilized 4,849 Ethereum (ETH) valued at around $18.44 million to purchase 715.9 billion SHIB tokens, as per data disclosed by Lookonchain in a recent X post on June 5.
The trader’s strategic buying and selling decisions, involving the acquisition of SHIB at an average price of approximately $0.0000000727 in 2021 and selling them at opportune moments during price spikes, suggest a strong belief that another price surge is on the horizon.
Furthermore, prominent Bitcoin (BTC) early adopter and professional crypto trader Davinci Jeremie has expressed optimism about SHIB’s future, sharing his forecast of Shiba Inu surging to $0.00006 in the near future, as previously reported by Finbold.
As of the latest update, SHIB was trading at $0.00002563, marking a 7.60% increase in the past 24 hours. This price movement aims to reverse the 5.13% decline observed over the previous week and contribute to the 6.26% gain over the past month, based on data available on June 5.
The recent uptick in SHIB’s price can be attributed to the substantial rise in new accounts on Shiba Inu’s blockchain, Shibarium, soaring by over 3,000% within a 24-hour period. This surge in user activity underscores the growing interest and participation in the Shiba Inu ecosystem.
Overall, the prevailing sentiment among major players in the crypto market remains bullish towards SHIB, currently ranked as the 11th-largest crypto asset by market capitalization. Nevertheless, conducting thorough research before making investment decisions is crucial, as individual confidence levels may not always align with market realities.
Disclaimer: The information provided in this article should not be construed as financial advice. Investing in the cryptocurrency market carries inherent risks, and individuals should exercise caution and due diligence when engaging in investment activities.