Shiba

Kevin

Million

Shiba Inu

Rekt

<p>The <a href="https://bitcoinist.com/dogecoin-developer-warning/">crypto community’s</a> attention was recently drawn to a <a href="https://bitcoinist.com/shiba-inu-whale-acquires-323-billion-shib/">Shiba Inu (SHIB) investor</a> who has made millions of dollars from the meme coin. The investor’s strategy again highlighted the benefits of conviction and patience in the <a href="https://bitcoinist.com/why-is-the-crypto-market-down-today-top-3-reasons/">crypto market</a>.</p> 
<h2 id="shiba-inu-investor-makes-over-6-million-unrealized-profit-from-shib">Shiba Inu Investor Makes Over $6 Million Unrealized Profit From SHIB</h2> 
<p><a href="https://bitcoinist.com/tron-founder-justin-sun-gets-new-wallet-heres-what-hes-buying/">On-chain analytics platform Lookonchain</a> revealed in an X (formerly Twitter) <a href="https://x.com/lookonchain/status/1803734186504688014" rel="nofollow" target="_blank">post</a> that the Shiba Inu investor had made $6.12 million from his investment in the meme coin. The platform revealed this while mentioning that the individual had just <a href="https://bitcoinist.com/shiba-inu-ethereum-mega-whales-withdraw-exchanges/">withdrawn</a> 353.83 billion SHIB tokens from <a href="https://bitcoinist.com/binance-ceo-bitcoin-80000/">Binance</a> and now holds 838.87 billion SHIB tokens.</p> 
<p>The investor’s decision to accumulate more <a href="https://bitcoinist.com/price-surge-for-shiba-inu/">Shiba Inu</a> and move them off the centralized exchange indicates their intention to hold for the long term despite already sitting on $6.12 million in profit. <a href="https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce?a=0x86523c87c8ec98c7539e2c58cd813ee9d1a08d96" rel="nofollow noopener" target="_blank">On-chain data</a> shows that this Shiba Inu investor has been accumulating the meme coin since 2023, when they first purchased over 817 million SHIBtokens.&nbsp;</p> 
<p>Since then, this Shiba Inu looks to have been dollar-cost-averaging and accumulating more SHIB tokens on every dip. This also explains why the smart trader made this recent transaction and accumulated more of the meme coin, seeing as <a href="https://bitcoinist.com/dogecoin-shiba-inu-price-crash/">Shiba Inu</a> is currently on a downtrend and has declined by over 15% in the last seven days, according to data from CoinMarketCap.</p> 
<p>The Shiba Inu investor’s decision to keep holding their SHIB tokens rather than secure profits shows that they still expect more price surges for the meme coin in this <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/">bull run</a>. SHIB rising higher in this market cycle undoubtedly remains a huge possibility considering that <a href="https://bitcoinist.com/bitcoin-cycle-might-be-shorter-than-usual/">crypto analysts like Rekt Capital</a> have noted that the bull run has yet to reach its peak.&nbsp;</p> 
<p>Moreover, crypto analysts like Javon Marks have expressly given their <a href="https://bitcoinist.com/bullish-predictions-shiba-inu/">bullish predictions</a> for Shiba Inu in this bull run, stating that the meme coin would still shed another zero and possibly rise to as high as $0.0001553.&nbsp;</p> 
<h2 id="time-to-start-taking-a-look-at-shib">Time To Start Taking A Look At SHIB</h2> 
<p><a href="https://bitcoinist.com/crypto-analyst-says-dogecoin-could-rally-2500-presents-possible-targets/">Crypto analyst Kevin (formerly OG Yomi)</a> recently suggested that this may be a perfect time to start <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-whales-shib/#:~:text=Shiba%20Inu%20Whale%20Accumulates%20332%20Billion%20SHIB%20Tokens&amp;text=A%20plausible%20explanation%20is%20the,almost%2040%20trillion%20SHIB%20tokens." rel="nofollow noopener" target="_blank">accumulating Shiba Inu</a>. He stated in an <a href="https://x.com/Kev_Capital_TA/status/1803856213844635649" rel="nofollow" target="_blank">X post</a> that Shiba Inu is in an “incredible spot to start taking a look at if you have not already.” He revealed that the meme coin’s 3-day <a href="https://bitcoinist.com/bitcoin-breakout-from-major-resistance-levels/">relative strength index (RSI)</a> is at the same level it was at during the “very bottom” of the bear market.</p> 
<p>Based on his analysis, Kevin told crypto investors that it would be crazy not to start a DCA position, especially if they missed Shiba Inu’s initial move to the upside. He added that he expects SHIB to outperform if Bitcoin holds up and <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/">breaks all-time highs</a>.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/k2yT4fDi/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1576">

Shiba Inu Investor Makes More Than $6 Million In Profit, Here’s How They Did It

Table of Contents

Bitcoinist

Other articles published on Jun 21, 2024

Italy Cracks Down On Crypto: New Law Tightens Risk Surveillance

Dogwifhat (WIF) Skyrockets 20% in Volume Amid Price Slump

Ripple Wins Class Action Lawsuit

Bitcoin Faces Sustained Negative Sentiment

Fantom (FTM) Outperforms Major Crypto Players with 9% Surge

Earn Passive Income with Ethereum Restaking?! Here’s What You Should Know

Join our free newsletter for daily crypto updates!