thecryptobasic.com
Amid the latest Shiba Inu upsurge, a SHIB investor has secured a profit of over $1,580,000 ($1.58 million) with an initial investment of $2,521 in early 2021.
Lookonchain, a blockchain surveillance platform with a knack for spotlighting these plays, revealed the impressive investment move in a recent post on X. Citing on-chain data, the platform noted that the investor first entered into the Shiba Inu market with a total of $2,521 in 2021.
This trader spent only 1.51 $ETH($2,521) to buy 49.8B $SHIB($1.93M currently) in 2021!
After 2.6 years of staking, he withdrew all 40.5B $SHIB($1.58M) and deposited it into #Coinbase 30 mins ago.
If he sells, he will make ~$1.58M, a gain of 628x!https://t.co/oE4sETZwa4 pic.twitter.com/4O7cxM6PRB
— Lookonchain (@lookonchain) March 5, 2024
Investor Procured 49B+ Shiba Inu with $2,521
Data confirms that the individual first swapped 1.33 Ethereum (ETH) to SHIB on March 24, 2021. Shortly after that, he dumped 0.16 ETH for SHIB on April 16, 2021. These purchases were made when Shiba Inu had not recorded its meteoric run, with the asset changing hands at a paltry $0.000000050588.
With this price, the investor was able to procure a total of 49.833 billion Shiba Inu tokens with $2,521 worth of ETH. He moved 5 billion SHIB to another address, and then staked 44.833 billion SHIB on ShibaSwap on July 6, 2021, the day the decentralized exchange (DEX) launched.
He continued to move some of the leftover SHIB. The investor also purchased Shiboshis, the Shiba Inu NFT collection, with 7.4 million SHIB in October 2021. He then unstaked 4.3 billion SHIB in December 2021, leaving 40.54 billion staked.
A Massive $1.58M Profit
Most recently, he unstaked the 40.54 billion SHIB tokens. After 2.6 years of leaving these assets staked, the tokens were worth a whopping $1.58 million upon the withdrawal yesterday, according to Lookonchain.
The investor eventually transferred the 40.54 billion SHIB to Coinbase, triggering speculation of a sale after years of HODLing. Notably, if he had withdrawn and sold the 40.54 billion SHIB when Shiba Inu traded at its ATH of $0.00008845 in October 2021, he would have seen a profit of $3.58 million.
However, he demonstrated an intent to hold for a long time and has also shown this with recent moves. Significantly, after transferring the 40.54 billion SHIB to Coinbase yesterday, the investor moved the tokens back to his wallet five hours later.
He has retained the assets as balance, but their worth has declined since then due to the market-wide correction that impacted the price of Shiba Inu. SHIB is now down 14.4% over the last 24 hours, currently changing hands at $0.00003514. The asset still sees a 221% gain in the past week.