Bitrabo Editorial
Recently, the cryptocommunity took notice of a Shiba Inu (SHIB) investor who earned millions from the meme coin. The investor’s success underscores the importance of conviction and patience in the volatile crypto market.
Exceptional Profit Gained by Shiba Inu Investor From SHIB Investment
The on-chain analytics platform Lookonchain disclosed through an X post that a Shiba Inu investor made $6.12 million from their investment in the meme coin. Having withdrawn 353.83 billion SHIB tokens from Binance, the investor now holds 838.87 billion SHIB tokens.
The investor’s move to acquire more Shiba Inu coins and transfer them off the exchange demonstrates a commitment to long-term holding despite already profiting $6.12 million. On-chain data indicates that this investor began accumulating SHIB tokens in 2023 with an initial purchase of over 817 million SHIBtokens.
Continuing to dollar-cost-average and accumulate more SHIB tokens during market dips, the investor recently acquired more of the meme coin amid its current downward trend, having declined by over 15% in the last week according to CoinMarketCap data.
Opting to hold onto SHIB tokens rather than take profits signifies the investor’s belief in potential future price surges for the meme coin during this bullish cycle. There is optimism about SHIB’s upward movement in this market cycle as analysts like Rekt Capital suggest the bull run has room to grow.
Furthermore, analysts like Javon Marks have provided optimistic forecasts for Shiba Inu in this bull run, with a potential rise to as high as $0.0001553, anticipating a reduction in zeros for the coin’s value.
Consideration of Shiba Inu is Relevant
Crypto analyst Kevin recommended that now may be an opportune moment to begin accumulating Shiba Inu. In an X post, he highlighted that the meme coin’s 3-day relative strength index (RSI) is at a level reminiscent of the bottom of the bear market.
According to Kevin’s analysis, starting a DCA position in Shiba Inu would be wise, particularly for those who missed the initial price increase. He suggested that SHIB is poised to perform well if Bitcoin maintains its strength and breaches all-time highs.