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Following the latest market drop an early Shiba Inu investor sold nearly 400 billion SHIB tokens, netting a $9.59 million profit.
Popular smart money platform Lookonchain called the public’s attention to the transaction, which occurred today.
User Initial Engagement with SHIB
According to Lookonchain, the user behind the transaction was an early investor who acquired SHIB on August 6, 2020, a few days after the token launched.
At the time, the user purchased a whopping 15.28 trillion SHIB for a meager cost of $3,800, at an aggregate price of $0.000000000248 per token. Lookonchain claimed that the value of these Shiba Inu tokens surged to a whopping $1.22 billion when the token hit its peak price in October 2021.
Details of the Latest Shiba Inu Transaction
Ever since, the user has been selling SHIB, with the latest sale recorded in the past few hours. Data from Lookonchain shows that the user moved nearly 250 billion SHIB in three transactions to Gemini crypto exchange. The three transactions involved 10 million SHIB, 99.98 billion SHIB, and 150 billion SHIB, respectively.
A whale sold 250B $SHIB($6.05M) for profit in the past hour!
The whale spent $3.8K to buy 15.28T $SHIB($1.22B at the peak) as early as August 6, 2020.
This whale currently holds 2.15T $SHIB($52.18M), with a total profit of $109M on $SHIB.https://t.co/BWxcnWuwFR pic.twitter.com/aQZFPyhYSv
— Lookonchain (@lookonchain) December 19, 2024
A few minutes after the Lookonchain disclosure, the user moved another 150 billion SHIB to Gemini, bringing the total tokens transferred to Gemini in the past few hours to 399.99 billion SHIB. For context, tokens moved to exchanges are usually sold for fiat or swapped for other assets.
With Shiba Inu currently trading at around $0.000024, the nearly 400 billion SHIB tokens are valued at approximately $9.6 million. These 400 billion tokens were acquired at an aggregate price of $99.19 in August 2020, resulting in a jaw-dropping profit of over $9.59 million from the recent sale.
Data from Etherscan shows that the user has been selling SHIB over the past few weeks on Crypto.com and Gemini. Despite this, the wallet still holds 2 trillion SHIB, currently valued at $48 million.
Investors Take Cover in Ongoing Market Dip
The recent sales come as the market undergoes an intense bloodbath led by Bitcoin. Notably, Shiba Inu was not spared in the bearish market, as it has witnessed a decline of 4.97% in the past day.
Investors are reducing their exposure to risk assets by converting them to stablecoins like USDT until the bloodbath concludes.
In a separate tweet, Lookonchain revealed how a user hurriedly moved 150 billion PEPE tokens, worth $2.72 million, to Binance to mitigate their losses incurred from the latest market crash.
As reported earlier, this user acquired 150 billion PEPE tokens worth $2.94 million and 60 billion SHIB worth $1.52 million from Binance on November 28.
Following the recent drop, the user suffered a loss of $219,000 on their PEPE holdings and $136,000 on SHIB, according to Lookonchain. While the investor has liquidated their PEPE position, the user still holds all 60 billion SHIB, demonstrating their confidence in Shiba Inu’s potential recovery.