The recent memecoin surge has seen significant whale activity, notably with Whale 0x541 depositing all 197.99 billion Shiba Inu (SHIB) tokens, valued at $4.88 million, to Coinbase at $0.00002463 after six months of inactivity.
This move marks a significant profit for the whale, who originally acquired these tokens at an average price of $0.000008468.
Between October 10, 2021, and September 11, 2023, Whale 0x541 accumulated SHIB tokens from Coinbase and decentralized exchanges (DEXs) at an estimated cost of $1.68 million.
If the whale sells at the current price, the estimated profit would be $3.2 million, a substantial 191% gain after holding the tokens for approximately 2.6 years.
A whale just took a $3.2M (x2) profit from $SHIB after 2.6 years!
The whale bought 199B $SHIB (est. cost: $1.68M) from #Coinbase and DEX between Oct 10, 2021, and Sep 11, 2023,
And then deposited all $SHIB (now $4.88M) to #Coinbase 3 hours ago, realizing an est. profit of $3.2M… pic.twitter.com/rMkMf7Z13i
— Spot On Chain (@spotonchain) May 17, 2024
Whale Makes Premature Decision On SHIB Investment
This successful trade contrasts sharply with an earlier loss the whale incurred in 2021.
Initially, Whale 0x541 bought 138.568 billion SHIB at an average price of $0.000008385, shortly after Vitalik Buterin’s high-profile donation of $1 billion worth of Shiba Inu to India Covid relief on May 12, 2021.
However, the whale’s timing was off, as they sold the tokens too early at $0.000007117 on September 26, 2021, resulting in a loss of $176,000 (15.1%) just before SHIB’s price soared to its all-time high.
This recent profitable transaction highlights the volatility and potential rewards within the memecoin market. The whale’s ability to hold onto SHIB through various market fluctuations and capitalize on the recent surge underscores the importance of strategic patience and timing in cryptocurrency trading.
As the memecoin sector continues to experience significant movements, traders and investors alike will be watching closely to see if the current trend can sustain its momentum or if further corrections are on the horizon.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
