The cryptocurrency market has been going through a tough period all throughout the year. The prolonged bear market has been pulled down by an array of unforeseen events. Even though several investors who entered during the last bull run are currently in the red, a handful of them made smart moves to stay in profit.
You have probably heard of meme coins and their stories, including Shiba Inu turning a small investment into millions of dollars. Not all are this lucky, but those who got their hands on it early turned out to make millions from their smart investment.
Lookonchain, an on-chain analyst, recently analyzed the transactions of a SHIB investor. The analysis revealed that the smart investor turned a $2,200 investment into almost $23 million in just two years. Let us look at how the investor managed to make millions.
SHIB holders road to millions
The user caught the eyes of Lookonchain when he or she transferred 207.2 billion in SHIB to Binance. Following the transfer, SHIB dropped in value by 3%. The anon user brought 3.49 trillion SHIB in 2020 via Uniswap for 2.37 ETH (which was worth $2,233 during that time).
The SHIB investor bought the SHIB in separate transactions. One transaction involved 1.83 ETH ($1,967 during that time) and purchased 2.27 trillion SHIB. Another transaction involved the purchase of 1.22 trillion SHIB with a 0.54 ETH ($266 during that time) investment.
The investor held onto his investment until April 2021 but decided to sell as Shiba Inu started falling in price. He or she then started selling Shiba Inu and has sold over 2.94 trillion SHIB since April 13, 2021. Lookonchain suggested that if the holder had sold all his Shiba Inu during that time, he or she would have made $18.3 million bag. The investor still holds 0.55 trillion Shiba Inu at press time.