2.37 ETH worth of SHIB bought has profited so much
In an astonishing feat, one SHIB holder has managed to make a profit of $23 million from an investment that was barely worth $2,200.
According to lookonchain, a blockchain data provider, the SHIB holder bought a total of 3.49 trillion SHIB at 2.37 ETH, which was worth $2,233 at the time, through Uniswap in 2020.
In a separate transaction, SHIB holders bought 2.27 trillion SHIB with approximately 1.83 ETH, which was worth $1,967 at the time. He then bought 1.22 trillion SHIB at 0.54 ETH using two different addresses, which was worth $266 at the time. The sum total of what was bought is equivalent to 3.49 trillion SHIB, which is worth over $2,233.
The SmartMoney bought 3.49T $SHIB at a cost of 2.37 $ETH ($2,233 at that time) via #Uniswap in 2020.
they spent ~1.83 $ETH ($1,967 at the time) to buy 2.27T $shib and bought 1.22T $shib through address “0x5952” and through address “0x92f2,” with a cost of ~0.54 $ETH ($266 at the time).
The “smart money,” according to Lookonchain, “hodled” his investment until April 2021 before he/she began to sell. And since April 13, 2021, the large holder has transferred out a total of 2.94 trillion SHIB. The latest transfer was 207.2 billion SHIB, or $1.9 million worth, moved to Binance.
Currently, the large holder has 0.55 trillion or 546 billion SHIB, worth $4.86 million, left in his SHIB bag. Here’s an analysis of how this whale made $23 million according to LookOnchain: Assuming he sells SHIBs at the price he transferred multiple times according to Etherscan data, he makes a profit on all SHIBs he sells would earn $18.3 million.
Then, coupled with the $4.86 million that is the value of his remaining SHIB holdings, this totals over $23 million. Thus, the SHIB he bought with 2.37 ETH in 2020 accrues nearly $23 million in profit.
The Shiba Inu grew by a million percent in 2021 as it gained traction following its launch in August 2020. Taken from its all-time low of $0.0000000000082 on September 1, 2020, SHIB is up 10.8 million percent, or 10,899,779%, according to CoinMarketCap data.
Sadly, SHIB has underperformed this year in price action, down 90% from all-time highs of $0.000088 attained in October 2021. The year 2022 has been a difficult year for cryptocurrencies, marked by industry failures and falling prices brought on by macroeconomic uncertainties.
At the time of publication, SHIB is down 3.16% to $0.0000088 and currently ranks as the 16th largest cryptocurrency by market capitalization.
