In a development that highlights the potential for explosive returns in the cryptocurrency market, a dormant Shiba Inu (SHIB) wallet has come back to life after over three years, netting over $1 million in profits for an early investor.
On Monday, Lookonchain, a platform specializing in tracking large crypto transactions, tweeted that the anonymous investor’s SHIB investment had skyrocketed an astonishing 419 times after lying dormant for 3.5 years.
Notably, the trader, known only as the “super diamond trader,” had invested 2 Ethereum (equivalent to $2,625 at the time) to acquire 48.09 billion SHIB on February 1, 2021. After years of patient waiting, the trader cashed out on Monday, selling the SHIB haul for a staggering 278.7 Ethereum, worth around $1.1 million at current prices.
While this case of a dominant SHIB wallet might seem isolated, recent occurrences suggest otherwise. Earlier this month, another investor reaped a remarkable $3.2 million in profits, marking an impressive 200% surge in investment returns over 2.6 years. This mysterious whale initially entered the SHIB market in October 2021, acquiring a substantial 199 billion SHIB tokens from various exchanges.
Adding to the intrigue, an Ethereum whale wallet holding over $1.5 billion worth of SHIB exhibited signs of activity in February after a year of dormancy.
These developments coincide with growing anticipation surrounding a potential Ethereum ETF approval. Many experts believe such an ETF could be a game-changer, opening the doors for wider adoption of meme coins like SHIB and Dogecoin. This increased accessibility could lead to a significant price surge for these tokens, potentially rewarding those who’ve held onto their SHIB for the long haul.
A recent post by Shytoshi Kusama, the anonymous lead developer of Shiba Inu, adds fuel to the speculative fire. Last week, the pundit congratulated the Ethereum community on the potential ETF approval. While this sparked conversations about a future SHIB ETF, Kusama emphasized the Shiba Inu team’s current focus on ongoing projects.
Since its inception in August 2020 by the mysterious figure Ryoshi, Shiba Inu has captivated the crypto community with its meteoric rise, particularly in 2021. Over the years, the meme coin has evolved from a speculative tool into a thriving ecosystem, attracting significant investors and witnessing its market capitalization surge to $16.2 billion, outpacing giants like Avalanche, Tron, and Chainlink.
