Trader who earned 120M in SHIB purchases 18M worth of Shiba Inu tokens
After earning over $120 million from trading Shiba Inu (SHIB), a cryptocurrency trader has made another bold move. They recently spent more than $18 million to purchase over 700 billion SHIB in a matter of hours, indicating their increased confidence in the future of the meme crypto asset.
The investor initially bought 5.5 trillion SHIB for $400,000 and sold them at two price peaks, making a profit of $121 million. They then used 4,849 Ethereum (ETH), valued at around $18.44 million, to buy 715.9 billion SHIB. This data was shared by Lookonchain in an X post on June 5.
The transaction data of the SHIB trader. Source: Lookonchain
The trader’s strategic buying and selling, which involved purchasing SHIB at an average price of approximately $0.0000000727 in 2021 and selling at the right moments during price peaks, suggests that this investor believes another price peak will occur.
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The buying and selling history of the SHIB trader. Source: Lookonchain
It is worth noting that Davinci Jeremie, an early adopter of Bitcoin and a professional crypto trader, also has a strong belief in SHIB’s promising future. He recently shared his prediction that Shiba Inu will rally and reach $0.00006, as reported by Finbold.
Shiba Inu price analysis
At the time of writing, SHIB is being traded at a price of $0.00002563, representing a 7.60% gain in the last 24 hours. This helps to recover from the 5.13% drop in the previous seven days and contributes to a 6.26% increase over the past month, according to data from June 5.
SHIB price chart for the past 30 days. Source: Finbold
Naturally, the question arises: why is Shiba Inu’s price rising? One possible explanation for the recent price recovery is the significant increase in new accounts on Shiba Inu’s blockchain, Shibarium, which has surged by over 3,000% in just 24 hours.
All things considered, the largest traders in the crypto market appear to be highly optimistic about the future of SHIB, currently the 11th-largest cryptocurrency by market capitalization. However, it is crucial to conduct thorough research before investing, as other people’s confidence may sometimes be misplaced.
Disclaimer: The content on this site should not be considered investment advice. Investing in cryptocurrencies carries risks, and your capital is at risk.
