A Shiba Inu (CRYPTO: SHIB) trader’s patience paid off when they made a fortune after selling the tokens they held for nearly 40 months.
What Happened: According to an X post by on-chain tracking platform Lookonchain on Monday, a trader who had been inactive for 3.5 years sold his Shiba Inu tokens at a profit.
The trader initially purchased 48.09 billion SHIB tokens for 2 Ethereum (CRYPTO: ETH), equivalent to $2,625, on February 1, 2021. The tokens were sold for 278.7 ETH, or approximately $1.1 million, representing a whopping 419X gain.
Why It Matters: The significant return on investment comes amid predictions of a major rally in altcoins, including Shiba Inu. Altcoins are entering a ‘textbook markup’ phase, indicating a potential surge in their value.
The dormant trader’s massive profit from Shiba Inu underscores the potential of such digital assets in yielding high returns.
Meanwhile, trading volume for large SHIB transactions, i.e, those worth over $100,000, soared 200% in the last 24 hours, according to IntoTheBlock. suggesting increased whale interest for the token. The supply held by long-term holders declined 0.01%, in conformity with the aforementioned development.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00002498, following a 1.66% increase in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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