Gushiken Yona
Another Shiba Inu investor, in a surprising turn of events, has struck gold, cashing in an impressive $8.3 million profit despite the recent market downturn.
This feat underscores the volatile yet lucrative nature of the cryptocurrency market, highlighting how strategic investments can yield substantial rewards even amid broader financial instability.
The cryptocurrency industry, known for its extreme volatility, is often seen as a high-risk investment arena. Many believe that making money during a market dip is nearly impossible. However, this notion was recently debunked by a Shiba Inu whale.
The savvy Shiba Inu investor defied the recent bearish trend in the cryptocurrency market, turning a multi-million dollar profit by strategically timing the sale of their SHIB holdings. Onchain analysis platform LookOnChain reported via X (formerly Twitter) that the anonymous whale, who had accumulated a massive 1.08 trillion SHIB tokens, deposited the entire amount on Binance, netting an $8.3 million profit.
The whale’s strategic moves began in late 2023, with withdrawals of the 1.08 trillion SHIB tokens from Binance on Nov. 24, Dec. 4, and Dec. 22. The total cost of these withdrawals was approximately $10.07 million, making the recent deposit on Binance a lucrative move.
The timing of the sale is notable, as the whale had an unrealized profit of $29 million at the peak of SHIB’s value. This raises questions about why the investor chose not to sell at the peak. It could be speculated that market conditions, personal strategy, or an anticipation of further gains influenced this decision.
A closer look at the landscape of Shiba Inu holders via the latest data from financial services platform IntoTheBlock revealed an interesting insight. According to the platform’s analysis, 643,400 addresses, representing 47.94% of total wallets, are currently witnessing losses on their SHIB holdings.
In contrast, about 640,090 addresses, or 47.69% of the total Shiba Inu wallets, are in the money, meaning they are seeing gains. This data highlights the volatility and risk inherent in cryptocurrency investments, where fortunes can shift rapidly. Moreover, it indicates a roughly even split between those who have profited from SHIB’s price fluctuations and those who are waiting for a rebound.
The Shiba Inu whale’s successful maneuver amid a market dip underscores the importance of strategic timing and risk management in the volatile world of cryptocurrency investing. It also highlights the potential for significant gains, even in a bearish market, for those who are able to navigate the complexities of the crypto landscape.
As of 2:38 a.m. ET on Tuesday, Shiba Inu (SHIB) demonstrated resilience in a fluctuating market, trading at $0.0000173 with a notable 79.47% surge in 24-hour trading volume to $357,182,774. This uptick in trading activity coincided with a 1.67% increase in SHIB’s price over the past 24 hours. However, the token has experienced a 4.71% dip in value over the last seven days and a more substantial 29.57% decrease over the past 30 days.
According to the latest data from CoinMarketCap, SHIB’s current circulating supply stands at 589,271,272,075,721 tokens. The market capitalization has also seen a slight increase of 1.69%, reaching $10,198,147,605. These figures reflect the dynamic nature of the cryptocurrency market, where prices and market sentiment can shift rapidly.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
