This Trader Made Over $6 Million Selling Shiba Inu (SHIB) Shares – Details

TL;DR

A whale turned a $3,800 investment in SHIB into more than $6 million, with the remaining holdings valued at $52 million. Another trader previously saw a 628x ROI from a $2,500 SHIB purchase, potentially making $1.58 million. The multimillion 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. Notable examples include Shiba Inu (SHIB), which erased several zeroes from its valuation in recent years.

Lookonchain recently revealed the story of a whale who bought over 15 trillion tokens in the summer of 2020. The individual spent just $3,800 to acquire the storage.

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

Earlier this year, CryptoPotato reported the case of another trader who got lucky with SHIB. The person in question spent approximately $2,500 to buy nearly 50 billion tokens in 2021. After 30 months of participation, they withdrew 40.5 billion assets and deposited them into Coinbase. The individual could have made a profit of about $1.58 million (at the time) if he had decided to sell the stock, representing a gain of 628x.

Other examples

Shiba Inu isn’t the only meme currency that helped some traders make impressive profits. One 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 886%, while the total profit is $1.77 million.

Additionally, a trader who bought 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), achieving a profit of $1.52 million.

Another individual spent just $158 on SOL to buy 12.4 million CHILLGUY tokens. At the time of writing, the stock is worth approximately $2.5 million.

Trading meme coins can generate significant profits, but also carries the risk of significant losses. These assets are often trend-driven and generally have no utility or intrinsic value, making their prices highly susceptible to sharp drops in a short period of time.

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

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