Long-time holders of Shiba Inu (SHIB) are seeing big profits after suddenly selling their memecoins, according to on-chain data.
Blockchain tracking firm Lookonchain revealed that one patient “super diamond” trader sold more than 48 billion SHIB at a 419x profit after holding the digital asset for more than three years.
The investor first purchased the Dogecoin (DOGE) competitor in February 2021 with $2,625 worth of Ethereum and sold his holdings this week for $1.1 million in ETH, resulting in a profit of over $1.09 million.
SHIB is trading at $0.00002569 at the time of writing and is up almost 1% in the last 24 hours.
Lookonchain also found that one skilled trader made quick profits on Ethereum trading this month, accumulating nearly 18,000 ETH between 2017 and 2020 before selling ETH in March for a huge profit.
“Smart money (investor) sold 3,025 ETH for 11.8 million DAI at $3,904 (as of May 28), making a profit of ~$1.11 million. The smart money also accumulated 17,770 ETH from 2017 to 2020 at an average price of $182, and sold for $3,503 on March 28, 2024, generating a profit of ~$59 million!”
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