This Trader Made Over $6 Million Selling Shiba Inu (SHIB) Stakes: Details

TL;DR

• One whale turned a $3,800 investment in SHIB into more than $6 million, with the remaining holdings valued at $52 million.
• Another trader previously earned a 628x ROI on a $2,500 SHIB purchase, potentially earning $1.58 million.

The multi-million dollar trade

The meme coin sector is full of tokens that have seen colossal price increases in recent years, thus giving savvy traders the opportunity to make substantial profits. Among notable examples is Shiba Inu (SHIB), which erased multiple zeros from its valuation in latest years.

Lookonchain recently revealed the story of a whale who bought more than 15 billion tokens in the summer of 2020. The individual spent just $3,800 to acquire the stash.

Not long ago, the trader sold 250 billion SHIB for more than 6 million dollars. They still have 2.15 trillion tokens left, which, calculated at current rates, is roughly equivalent to $52 million.

At the beginning of this year, cryptopotato reported the case of another trader who got lucky with SHIB. The person in question spent approximately $2,500 to purchase almost 50 billion tokens in 2021. After 30 months of staking, they withdrew 40.5 billion assets and deposited them on Coinbase. The individual could have made a profit of around $1.58 million (at the time) if he had dHe decided to sell the stash, representing a 628x profit.

Other examples

Shiba Inu is not the only meme coin that helped some traders make impressive profits. a person bought 170.2 billion PEPE coins at the end of October 2023 and sold them for almost $2 million in USDC earlier this year. The return on investment (ROI) is a whopping 886%, while the total profit is $1.77 million.

Additionally, a trader who purchased 416.8 million Cat in a Dogs World (MEW) tokens in July for $2.42 million recently sold them for 16,270 SOL (3.94 million dollars), ensuring a profit of 1.52 million dollars.

another individual He spent just $158 on SOL to buy 12.4 million CHILLGUY tokens. As of the moment At the time of writing, the stash is equivalent to approximately $2.5 million.

Trading meme coins can lead to significant profits, but it also carries the risk of significant losses. These assets are often dependent on trends and generally lack utility or intrinsic value, making their prices very susceptible to sharp declines in a short time.

Those considering investing in meme coins should follow basic guidelines to minimize risks. This includes investing only what they can afford to lose and thoroughly research the project beforehand.