Investor Makes $23.5 Million From Shiba Inu Coins in Two Months

Analytics platform Spot On Chain has revealed that a cryptocurrency investor made a huge profit of $23.5 million by investing in... Shiba Inu Coin (SHIB) In just two months.

Sharp price rise and huge profits

The investor started purchasing large quantities of Shiba Inu coin in January 2024, when its price was below $0.00001. The total number of Shiba Inu coins purchased was 1.24 trillion, costing $11.66 million.

Over the next two months, the Shiba Inu saw its price skyrocket, more than quadrupling. Its price reached a high of $0.00004 before falling.

Thanks to this rise, the investor made huge profits, with the value of his investment rising to more than $32 million by mid-March.

On March 16, the investor deposited all of his Shiba Inu coins on the Binance and Gate cryptocurrency exchanges. Depositing currencies on central exchanges usually indicates an investor's desire to sell them.

If this was indeed the large investor's goal and he aspired to sell, he would have made a total profit of $23.5 million after sending $1.24 trillion worth of SHIB to the exchanges.

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Shiba Inu is not the only coin in which the investor has made huge profits from his investment. He also made a profit of $44.3 million from his investment in FLOKI coin and $5.82 million from his investment in BIGTIME coin.

Legendary Shiba Inu Investor

The aforementioned investor has made significant profits from his investment in Shiba Inu, but there is another investor known as "Shibtoshi" who holds the title of "Legendary Shiba Inu Investor." It holds the record for the largest transaction ever in SHIB coins. And perhaps the digital currency market.

In what is being described as the largest transaction in cryptocurrency history, an investor transferred approximately $8,000 to $5.7 billion By purchasing billions of Shiba Inu coins shortly after they appeared.

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In 2020, Shibtoshi only invested $8,000 in a Shiba Inu. As the value of the currency increased, the value of his investment reached over $5 billion in 2023, making him the first person to become a billionaire through cryptocurrency trading.

Shiba Inu coin started trading on August 1, 2020 and an investor noticed it that day and made their first purchase. The investor purchased around 70 trillion Shiba Inu coins.

At the time of the investor's $8,000 purchase, Shiba Inu coin was trading at $0.000000000189. In October 2021, the price increased by $0.00007941. The value of its investment reached approximately 5.7 billion US dollars, a considerable increase of 71 million percent.

According to CoinMarketCap data at the time, the cryptocurrency wallet now held more than 13% of the total Shiba Inu coin supply.