Shiba Inu Profit Propels Trader to Invest in a Different Coin

Shiba Inu Profit Propels Trader to Invest in a Different Coin

Recently, a crypto trader, who gained $8.24 million from Shiba Inu (SHIB), has shifted focus to Wrapped Bitcoin (WBTC). Crypto surveillance platform Spot on Chain highlighted this trader’s activity. Over a month ago, the trader sold SHIB after achieving a 106% return.

The trader’s journey with Shiba Inu began between March 1 and 31, during which they acquired 533.6 billion SHIB tokens via 11 addresses. On March 1, the trader invested $7.75 million, purchasing SHIB at an average price of $0.00001453 per token.

How The Trader Profited From Shiba Inu

Interestingly, the trader entered the SHIB market during an aggressive uptrend that started four days earlier. Soon after the acquisition, Shiba Inu’s price hit the $0.00002 mark and continued to rise, reaching levels last seen three years ago.

The traders Shiba Inu acquisition and sale chart | <span style=font weight 400>Spot On Chain<span>

On the fifth day, SHIB soared to $0.00004534. At this price, the trader’s SHIB portfolio was valued at $24,166,220. Despite this, the trader held onto SHIB, waiting for a further uptrend. However, the price of SHIB fluctuated, occasionally dropping to $0.00002 but averaging above $0.00003 throughout March.

Related article: Shiba Inu Approaches Major Resistance: Will It Break Through?

After holding SHIB for 30 days without a significant upswing, the trader decided to liquidate. They sold 533.6 billion SHIB tokens for about $16 million in DAI stablecoin, realizing an $8.24 million profit. The average selling price was $0.00003 per SHIB, resulting in a return of over 106%. Notably, SHIB’s price later dropped back to $0.00001453, indicating the trader’s exit was well-timed.

Related article: Shiba Inu’s ShibaSwap: Unveiling Exciting Developments

Transition To Wrapped Bitcoin

Meanwhile, the crypto market has experienced a bullish trend, with Bitcoin reclaiming the $66,000 level. This surge positively impacted altcoins like Shiba Inu. However, the trader chose to explore new opportunities instead of reinvesting in SHIB.

The trader invested $16.22 million in Wrapped Bitcoin (WBTC) at an average price of $64,449 per token. Spot on Chain noted that this wallet had already gained $380K within a few hours due to Bitcoin’s surge. Overall, the trader’s strategic moves demonstrate a keen sense of timing and market trends.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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