Shiba Inu Investor Makes More Than $6 Million In Profit, Here’s How They Did It

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As an experienced crypto analyst, I’ve seen countless stories of investors making significant profits in the volatile world of cryptocurrencies. The recent revelation of a Shiba Inu (SHIB) investor making over $6 million unrealized profit from their investment is a testament to the power of conviction and patience in this market.

Recently, there’s been buzz in the cryptocurrency world about an individual who amassed a fortune worth millions by investing in Shiba Inu (SHIB), the popular meme coin. This occurrence underscores the significance of maintaining strong convictions and exercising patience within the crypto market.

Shiba Inu Investor Makes Over $6 Million Unrealized Profit From SHIB

As a crypto investor, I recently came across an intriguing piece of information shared by the on-chain analytics platform Lookonchain via their X (previously known as Twitter) post. According to their findings, an individual investor in Shiba Inu managed to rake in a significant profit of approximately $6.12 million from their initial investment in the meme coin. This revelation was made following the observation that this investor had just withdrawn a substantial amount of 353.83 billion SHIB tokens from Binance, leaving them with a current holdings of around 838.87 billion SHIB tokens.

This investor’s choice to amass more Shiba Inu and transfer the tokens away from the centralized platform suggests a commitment to a long-term holding strategy, despite having made a profit of $6.12 million on their initial investment. Data from the blockchain reveals that this individual has been acquiring Shiba Inu since 2023, with an initial purchase comprising over 817 million SHIB tokens.

After that point, it seems this particular Shiba Inu investor has been purchasing more SHIB tokens at regular intervals during price drops. This behavior is referred to as dollar-cost-averaging. Given that Shiba Inu’s value has dropped by more than 15% in the previous week based on CoinMarketCap’s data, it becomes clearer why this experienced trader chose to execute that recent transaction and acquire even more of the meme coin.

A Shiba Inu investor’s choice to retain their SHIB tokens instead of realizing profits indicates their belief that the meme coin will experience further price spikes during this bull market. The likelihood of SHIB reaching greater heights in this market cycle is significant, as crypto analysts such as Rekt Capital have pointed out that the bull run has not yet reached its maximum potential.

Additionally, cryptocurrency analysts such as Javon Marks have explicitly voiced optimistic forecasts for Shiba Inu during this market uptrend. They believe that the meme coin could lose another zero and potentially reach a price of $0.0001553.

Time To Start Taking A Look At SHIB

Expert here: Kevin, a seasoned crypto analyst previously known as OG Yomi, has expressed his belief that now might be an optimal moment to begin acquiring Shiba Inu. In a recent Reddit post (X), he highlighted that Shiba Inu is currently in a “favorable position for examination” for those who haven’t already. He pointed out that the meme coin’s 3-day relative strength index (RSI) mirrors its level during the depths of the bear market.

According to Kevin’s assessment, crypto investors should seriously consider initiating a Dollar Cost Average (DCA) plan for Shiba Inu (SHIB), particularly if they failed to jump on its initial surge. He further predicted that SHIB could deliver superior returns if Bitcoin maintains its strength and sets new record highs.

Shiba Inu Investor Makes More Than $6 Million In Profit, Here’s How They Did It

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2024-06-21 21:46