Patience Pays Off: Shiba Inu Investor Made a $3.2M Profit After Holding 2.6 Years

The post Patience Pays Off: Shiba Inu Investor Made a $3.2M Profit After Holding 2.6 Years appeared first on Coinpedia Fintech News

In a stunning display of patience and strategic investment, a cryptocurrency whale has made a $3.2 million profit from Shiba Inu ($SHIB). After holding the asset for nearly 2.6 years, the investor’s journey from an initial $176k loss to a significant gain offers valuable insights into the volatile world of cryptocurrency trading.

From Setback to Success

According to blockchain tracking platform Spot On Chain, the whale secured a $3.2 million profit after holding the cryptocurrency for nearly 2.6 years.

Meanwhile, the whale initially bought 199 billion SHIB tokens, estimated to cost around $1.68 million. These purchases were made through Coinbase and various decentralized exchanges (DEX) between October 10, 2021, and September 11, 2023. 

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

However, the investor faced an initial setback when they purchased 138.568 billion SHIB at an average price of $0.000008385 following a significant market dip caused by Ethereum co-founder Vitalik Buterin’s donation of $1 billion worth of SHIB to India’s Covid relief in May 2021.

This loss might have been a catalyst for adopting a more patient investment strategy. Despite the initial loss, the whale decided to hold onto the SHIB tokens.

The Big Profit: $3.2 Million

Just a few hours before the report by blockchain tracking platform Spot On Chain, the whale deposited all their SHIB holdings, now valued at $4.88 million, back into Coinbase. This move secured an estimated profit of $3.2 million, translating to a 191% increase from the initial investment.

This success story highlights the potential rewards of patient and strategic investing in the cryptocurrency market. The whale’s ability to hold onto SHIB through market fluctuations demonstrates the importance of not succumbing to short-term market pressures.