thecryptobasic.com
A savvy investor who secured over $8 million return from Shiba Inu has changed his focus to another high-performance asset amid the recent market frenzy.
Recently, crypto surveillance platform Spot on Chain called attention to the new buying activities of a trader who had profited $8.24 million via SHIB. Per the disclosure, the entity has now accumulated Wrapped Bitcoin (WBTC), having dumped SHIB just over a month ago with a 106% return.
How the Trader Made the $8.24M from Shiba Inu
The trader’s foray into Shiba Inu was between March 1 and 31, during which he acquired a staggering 533.6 billion SHIB tokens via 11 addresses. This investor spent $7.75 million to acquire this Shiba Inu portfolio on March 1 at an average price of $0.00001453 per SHIB.
Interestingly, the investor entered the SHIB market when SHIB was on an aggressive uptrend that commenced four days earlier. Shortly after their acquisition, Shiba Inu regained the $0.00002 threshold and continued to open further price levels last seen three years ago.
On the fifth day, SHIB hit $0.00004534. At this value, this trader’s 533 billion Shiba Inu portfolio clocked a monetary value of $24,166,220.
While the investor chose not to profit from the position immediately, the price of SHIB failed to continue the uptrend. It occasionally dropped to the $0.00002 price level but averaged above $0.00003 throughout March.
Having held on Shiba Inu for 30 days with no real sign of further upswing, the trader moved to liquidate his SHIB holdings. The investor dumped the 533.6 SHIB tokens for approximately $16 million in DAI stablecoin, realizing a profit of $8.24 million.
Notably, the liquidation price was at an average price of $0.00003 per SHIB. Considering the entry price of $0.00001453, the investor witnessed a return of over 106% within 30 days of holding Shiba Inu.
In the subsequent days, the crypto market recorded painful price performances, wherein SHIB revisited $0.00001453. Overall, the trader’s exit from SHIB was perfectly timed.
Now Buying WBTC
Meanwhile, the crypto market bulls have led the narrative in the last 24 hours as Bitcoin reclaims the $66,000 price level. Bitcoin’s surge has notably impacted altcoins like Shiba Inu. However, the trader preferred to test new territories rather than reinvest in Shiba Inu.
In particular, the investor committed $16.22 million to acquire WBTC at an average price of $64,449 per token. Spot On Chain observed that this wallet has already registered a profit of $380K in the last few hours amid Bitcoin’s surge.