A trader has made it big from a small initial investment in the canine-themed meme coin Shiba Inu (SHIB). On-chain data shows a crypto address that bought about $2,700 worth of SHIB in 2021 bagged over $1 million in profits this week.
“Super Diamond Trader” Finally Sells SHIB
Shiba Inu enjoyed an explosive rally from its launch in August 2020 to its all-time high in October 2021. According to Etherscan data, one savvy trader purchased roughly 48.09 billion SHIB on Feb 1, 2021, for two wrapped ether (WETH) on the decentralized exchange Uniswap for $2,625. At the time, Shiba Inu was still an unrecognized project that only very few crypto fanatics knew about.
After hodling the SHIB stockpile for approximately three and a half years, the investor sold it for $1.1 million as the meme coin’s price surged to $0.00002614. The trade netted the unknown investor a 419x gain from their initial investment.
The price of SHIB jumped 1.9% on Tuesday and has gained 9.8% in the past 14 days. It is currently the 11th largest crypto by market capitalization at $15.2 billion after dethroning Avalanche (AVAX). SHIB is now only three spots behind Dogecoin (DOGE), its Shiba Inu-themed predecessor. Both Doge and SHIB soared earlier this year along with other meme coins as indirect beneficiaries of the spot Bitcoin exchange-traded fund (ETF) approvals in mid-January.
SHIB Is still down 70.5% from its current lifetime high of $0.00008616 registered back in October 2021. The aforementioned investor seems to be satisfied with the huge gains that they have accrued during these three years. The investor seems convinced that it may be too late for established meme coins like Shiba Inu to see a 2021-style mind-blowing upsurge again.
The team behind Shiba Inu recently raised $12 million through a token sale for the upcoming digital asset TREAT to develop its new privacy-centric Layer 3 blockchain, built atop Shibarium — its Ethereum Layer 2 solution.
SHIB is also one of the cryptocurrencies accepted by Republican candidate Donald Trump’s campaign for the 2024 presidential election.
