A Trader Recorded Over $9.6 Million Profit From SHIB Investment

In a recent development, a market insight provider, Spot On Chain, revealed the trader's huge profit from SHIB investments.

Spot On Chain disclosed it on Twitter. According to the post, the trade invested in 75.4 billion SHIBs dating back to 2021.

Recently, the smart trader started exchanging the SHIB tokens with ETH and USDT over the past 16 days, amassing a profit of $9.6 million.

Smart Trader Sells Shiba Inu tokens For Millions in Profit

In subsequent posts, Spot On Chain outlined the processes the trader used to make a huge profit.Notably, the whale exchanged 75.4 billion SHIB tokens for Tether USDT and Ethereum ETH at an average price of $0.00000712.

The insight provider also stated that the price of SHIB drops every time the trader completes the sales.The site also outlined the recent dates the trader made the sales and the amount of money it made from the transactions.

On June 17, the trader sold 14.66 billion SHIB tokens for $100,000. It also sold 7.481 billion tokens on June 13 for $50,000. However, Spot on Chain revealed that the smart trader has been selling SHIB tokens since 2021 in the same manner.

First, it amassed trillions of SHIB tokens when the price was very low at $0.000000068. On March 15, 2021, the whale's wallet showed a balance of 1.02 trillion SHIB after it swapped ETH and some other coins.

Following the massive accumulations, the trader started selling the tokens whenever a price increased. It sold 10 billion SHIB when the token hit an all-time high of $0.000065.

As of the post on June 18, Spot On Chain revealed the wallet has a balance of 329 billion SHIB worth over $2 million.It also mentioned that the trader tended to utilize decentralized exchanges like Coinbase and Crypto.com.

SHIB Records Notable Gains Amid Uncertainty in The Crypto Market

Even though the crypto market has seen many legal issues following the US SEC lawsuits against Coinbase, Ripple, and Binance, the Shiba Inu ecosystem still trends with developments.

As such, the native token Shiba Inu tried to break the $0.000007 resistance level and even surpass it with some pips. Earlier today, June 19, SHIB surged by 0.41%, reclaiming its $4 billion market cap. At the time of writing, the token has declined slightly but is still sitting at $0.000007153, depicting a loss of 2.14% in 24 hours.

According to a report, the Shiba Inu token broke through the significant resistance level at $0.000007 on June 18, after it spiked by 4.6% in 30 minutes.

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