Dormant ‘Diamond’ Hand Shiba Inu Trader Prints 419X Gain After Holding for 3.5 Years: Lookonchain

A long-time holder of Shiba Inu (SHIB) has realized substantial profits after selling the memecoin, as per on-chain data.

Blockchain tracking firm Lookonchain observed that a patient investor sold over 48 billion SHIB for a 419x gain after holding the digital asset for more than three years.

The investor initially purchased the Dogecoin (DOGE) rival in February 2021 for $2,625 and recently sold their holdings for $1.1 million, resulting in a gain of over $1.09 million.

"After being dormant for three and a half years, the super diamond trader finally sold SHIB at a profit. He spent two ETH ($2,625) to buy 48.09 billion SHIB on February 1st, 2021, and sold it for 278.7 ETH ($1.1 million) [on May 27th], a gain of 419x!"

As of the time of writing, SHIB is trading at $0.00002569, up almost 1% from the previous 24 hours.

Lookonchain also noted that a savvy trader recently made a quick profit trading Ethereum (ETH), having also realized significant gains by selling ETH in March after accumulating nearly 18,000 ETH between 2017 and 2020.

"A smart money 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!"

Source: Lookonchain/X

Original Source: https://thebittimes.com/dormant-diamond-hand-shiba-inu-trader-prints-419x-gain-after-holding-for-3-5-years-lookonchain-tbt90297.html