'Super Diamond Trader' Sells Shiba Inu (SHIB)

Cover Image: U.Today

Shiba Inu Trader Turns $2,625 into $1.1 Million

According to blockchain analytics firm Lookonchain, a shrewd trader has transformed a modest investment of $2,625 into an astonishing $1.1 million, leveraging the surge of Shiba Inu (SHIB) cryptocurrency.

The trader's journey began in February 2021, when they acquired approximately 48 billion SHIB tokens. At that time, the meme coin remained an obscure project, largely unknown within the cryptocurrency community.

Over the past three years, the trader has skillfully navigated market fluctuations, culminating in a remarkable 419x return. They recently traded their SHIB holdings for 278.7 ETH, realizing significant gains.

SHIB gained widespread recognition in October 2021, briefly eclipsing its rival Dogecoin in market capitalization. However, the Dogecoin competitor currently remains over 70% below its all-time high of $0.00008616, set in October 2021.

Despite not timing the market perfectly, the trader expresses contentment with their substantial profits. They speculate that SHIB's bullish potential may have diminished.

SHIB's meteoric rise has created overnight millionaires and even billionaires among its holders. In 2021, a Shiba Inu wallet converted a mere $8,000 into an extraordinary $5.7 billion.

However, SHIB's performance during the current bull market cycle has been underwhelming, and the altcoin landscape grows increasingly competitive. Social media commentators suggest that the trader may shift their focus to emerging meme coins gaining momentum.

As reported by U.Today, the meme coin season is experiencing a resurgence, with several prominent meme coins exhibiting double-digit gains.