u.today
According to blockchain analytics firm Lookonchain, a trader has managed to turn $2,625 into $1.1 million with the help of the Shiba Inu (SHIB) cryptocurrency.
The trader originally purchased roughly 48 billion SHIB tokens in February 2021. Back then, the meme coin was still an obscure project that very few cryptocurrency enthusiasts knew about.
They have traded the SHIB tokens for 278.7 ETH, making a whopping 419x gain.
The SHIB token managed to captivate the attention of the investment community back in October 2021 when it managed to briefly surpass rival Dogecoin by market capitalization.
The Dogecoin rival is still down more than 70% from its current all-time high of $0.00008616 which was achieved back in October 2021.
Despite failing to time the market with a higher degree of precision, the aforementioned trader seems to be content with the massive gains that they have made over these three years. The trader seems to be confident that SHIB does not have much bullish potential left.
SHIB's astronomic ascent turned some holders of the SHIB cryptocurrency into overnight millionaires and even billionaires. In 2021, a Shiba Inu wallet managed to turn just $8,000 into a whopping $5.7 billion.
However, SHIB's performance has been rather underwhelming during this bull market cycle, and the altcoin field is becoming more crowded with each passing day. Some social media users have speculated that the trader might end up pivoting to some upstart meme coins that are currently gaining steam.
As reported by U.Today, the meme coin season is currently in full swing, with multiple prominent meme coins posting double-digit gains.