Diamond Hand! Investor Makes $3.2M From Shiba Inu After Holding for Almost 3 Years

A Shiba Inu (SHIB) whale has just cashed out $3.2 million in profit after holding the dog-themed memecoin for two years and six months. The diamond hand owner began accumulating SHIB from October 2021 to September 2023, buying 199 billion of the memecoin in the process.

On Friday, the whale moved his entire SHIB holdings to Coinbase and sold them for a staggering $3.2 million, nearly doubling his initial investment. 

A whale just took a $3.2M (x2) profit from $SHIB after 2.6 years!

The whale bought 199B $SHIB (est. cost: $1.68M) from #Coinbase and DEX between Oct 10, 2021, and Sep 11, 2023,

And then deposited all $SHIB (now $4.88M) to #Coinbase 3 hours ago, realizing an est. profit of $3.2M… pic.twitter.com/rMkMf7Z13i

— Spot On Chain (@spotonchain) May 17, 2024

The wallet bought his first SHIB at $0.00002831, which is higher than the current market price. However, using dollar cost averaging (DCA), the wallet bought its way to an average price of $0.00001742.

Whale Learned Investment Lesson

The Shiba Inu whale learned from his initial investment, which he hastily sold at a loss in 2021. The wallet started stacking SHIB in early 2021 and acquired 138.5 billion ($1,161,892.68) of the dog-themed memecoin at an average price of $0.000008385.

After a prolonged market correction, He sold impatiently by September 2021 at an average price of $0.000007117. The hasty sale saw the whale lose $176,000, about 1.15% of his portfolio. The wallet owner learned from this experience and started accumulating a few days later, this time with the intention of keeping his bags longer.

Bullish Sentiments Build Around Shiba Inu

Shiba Inu’s recent performance has seen increased traction towards the second-largest memecoin by market cap. Shiba surged over 7% earlier in the week, outperforming most of its counterparts.

Since then, the token has maintained an uptrend, with its market cap briefly touching $15 billion on Thursday. Its surge correlates with the broader market, which has grown significantly owing to a colder-than-expected consumer index price (CPI) released on Wednesday.

With the increased adoption of Shiba Inu’s layer-2 solution, Shibaruim, and the ongoing memecoin frenzy, the token’s enthusiasts are optimistic that it will see new highs soon. At press time, SHIB was trading at $0.00002485, with a 24-hour trading volume of $639 million.