The cryptocurrency market has been going through a rough patch throughout the year. The ongoing bear market was brought down by a series of unforeseen events. While several investors who joined during the latest bull run are currently in the red, a handful of them have taken smart steps to continue to make profits.
You’ve probably heard of meme coins and their stories, including Shiba Inu turning a small investment into millions of dollars. Not everyone is so lucky, but those who got their hands on it early turned out to be making millions from their smart investment.
Lookonchain, an on-chain analyst, recently analyzed the transactions of a SHIB investor. The analysis showed that the savvy investor turned a $2,200 investment into nearly $23 million in just two years. Let’s see how the investor managed to earn millions.
SHIB holders on their way to millions
The user caught Lookonchain’s attention when he or she transferred 207.2 billion in SHIB to Binance. After the transfer, SHIB fell in value by 3%. The anonymous user has brought 3.49 trillion SHIB in 2020 through Uniswap for 2.37 ETH (which was worth $2,233 at the time).
The SHIB investor purchased the SHIB in separate transactions. One transaction involved 1.83 ETH ($1,967 during that time) and bought 2.27 trillion SHIB. Another transaction involved the purchase of 1.22 trillion SHIB with a 0.54 ETH ($266 during that time) investment.
The investor held on to his investment until April 2021, but decided to sell when Shiba Inu started to drop in price. He or she then started selling Shiba Inu and has sold over 2.94 trillion SHIB as of April 13, 2021. Lookonchain suggested that if the holder sold all of his Shiba Inu during that time, he or she would have made an $18.3 million pocket. The investor anyway owns 0.55 trillion Shiba Inu at press time.