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.
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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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