A long-time holder of Shiba Inu (SHIB) is looking at big profits after suddenly selling the memecoin, on-chain data shows.
Blockchain tracking firm Lookonchain notes that one patient “super diamond” trader sold more than 48 billion SHIB for a 419x gain after holding onto the digital asset for more than three years.
[adinserter block="1"]The investor first purchased the Dogecoin (DOGE) rival in February 2021 for $2,625 worth of Ethereum and just sold their holdings this week for $1.1 million in ETH, a gain of more than $1.09 million.
SHIB is trading for $0.00002569 at time of writing and is up nearly 1% in the last 24 hours.
Lookonchain also noticed that one savvy trader made a quick profit trading Ethereum this month and he also made massive gains selling ETH in March after accumulating nearly 18,000 ETH between 2017 and 2020.
“A smart money [investor] sold 3,025 ETH for 11.8 million DAI at $3,904 [on May 28th], making a profit of ~$1.11 million. This smart money also accumulated 17,770 ETH from 2017 to 2020 at an average price of $182 and sold at $3,503 on March 28th, 2024, making a profit of ~$59 million!”
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