An early investor who previously made a staggering $145 million profit from $SHIB has started re-buying the token after a two-year hiatus.
In the last five hours, this entity swapped 4,849 $WETH, equivalent to $18.5 million, for 715.8 billion $SHIB, resulting in a 4.6% price surge for the meme coin.
The investor, who still holds 9,207 $ETH and $WETH worth $34.9 million, appears poised to continue accumulating $SHIB. This is a significant move considering the investor’s past trading history with $SHIB. Between February 2021 and June 2022, the entity traded a massive 8.29 trillion $SHIB.
Most of these tokens were acquired early in March 2021 and sold during the peak in October-November 2021, leading to an estimated total profit of $145 million—a return of over 5,201%.
An early buyer entity with $145M profit from $SHIB is re-buying the token after 2 years!
In the past 5 hours, the entity swapped 4,849 $WETH ($18.5M) for 715.8B $SHIB, pumping the price by 4.6%.
The entity still holds 9,207 $ETH and $WETH ($34.9M) and may continue to buy more! pic.twitter.com/KwjVJ8KLs5
— Spot On Chain (@spotonchain) June 5, 2024
Now, with the market sentiment not as high as during the peak periods, this early buyer seems to be capitalizing on lower prices to build up their $SHIB holdings again. This strategic accumulation suggests a long-term bullish outlook on the token, despite the current market conditions.
Such moves by significant holders can have a profound impact on market dynamics, potentially signaling to other investors that $SHIB might be undervalued at current prices. Whether this strategy will pay off as handsomely as it did previously remains to be seen, but the market is closely watching this whale’s activity for cues.
In summary, the re-entry of this early $SHIB investor highlights the ongoing interest and potential in the meme coin market, driven by strategic accumulation and market timing. The crypto community will be keen to see how this affects $SHIB’s trajectory in the coming months.
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 @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch