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A Shiba Inu SHIB/USD traders patience paid off when they made a fortune after selling the tokens they held for nearly 40 months.
What Happened: According to an X post by on-chain tracking platform Lookonchain on Monday, a trader who had been inactive for 3.5 years sold his Shiba Inu tokens at a profit.
The trader initially purchased 48.09 billion SHIB tokens for 2 Ethereum ETH/USD , equivalent to $2,625, on February 1, 2021. The tokens were sold for 278.7 ETH, or approximately $1.1 million, representing a whopping 419X gain.
See Also: Benzinga Bulls And Bears: Nvidia, GameStop, Ethereum And Crypto Analyst Predicts Dogecoin Will Hit 22 Cents In Days
Why It Matters: The significant return on investment comes amid predictions of a major rally in altcoins, including Shiba Inu. Altcoins are entering a textbook markup phase, indicating a potential surge in their value.
The dormant traders massive profit from Shiba Inu underscores the potential of such digital assets in yielding high returns.
Meanwhile, trading volume for large SHIB transactions, i.e, those worth over $100,000, soared 200% in the last 24 hours, according to IntoTheBlock. suggesting increased whale interest for the token. The supply held by long-term holders declined 0.01%, in conformity with the aforementioned development.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00002498, following a 1.66% increase in the last 24 hours, according todata from Benzinga Pro.
Read Next: This Dog Coin Is Up 53% And Still In Ripper Mode But Its Not Dogecoin
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