Shiba Inu (SHIB), the meme-coin that rocketed to fame in 2021, is showing signs of replicating its past success in the current bull run.The canine-themed cryptocurrency has experienced a wild ride, surging by nearly 50% within a 24-hour period before experiencing a pullback following Bitcoin’s recent all-time high.
However, amidst this volatility, SHIB has emerged as a top contender in the “under $0.01” cryptocurrency space, signifying its significant potential for growth due to its low price and early development stage. This potential is further solidified by a recent whale investor’s activity, highlighting the lucrative opportunities SHIB presents.
Whale Investor Makes Millions from SHIB
Lookonchain, a blockchain analytics platform, revealed the impressive feat of an anonymous whale investor who transferred a staggering 365.36 billion SHIB to Binance, the world’s leading cryptocurrency exchange, within a 24-hour window. This transfer, originating from five separate wallets, is believed to be a strategic move to capitalize on SHIB’s market position.
Considering the timing of the purchase (late 2023) and SHIB’s price at that time (around $3.24 million for 365.36 billion SHIB), Lookonchain estimated a potential profit of $2.5 million when the tokens were transferred to Binance.
Also Read: Shiba Inu Eyes $100 Billion: 77% of Holders HODLing, But Can They Outrun the Competition
Current Market Paints an Even Rosier Picture
As of writing, SHIB is trading at $0.00003192, significantly higher than its late 2023 price. This translates to a current valuation of approximately $10.6 million for the 365.36 billion SHIB, reflecting a staggering profit of $4.79 million for the anonymous investor.
While the market remains unpredictable, SHIB’s recent performance and the substantial gains reaped by the whale investor showcase its potential for significant returns. Its low price point and growing popularity make it an attractive option for investors seeking high-risk, high-reward opportunities. However, as with any investment, conducting thorough research and understanding the inherent risks involved are crucial before diving into the Shiba Inu market.
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