4 months ago
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SHIB's future uncertain as meme coin market grows more competitive.
An investor held a stash of Shiba Inu (SHIB) tokens for over three years before selling it for 41,900% profit, as reported by X user identified as Lookonchain. On February 1st, 2021, the investor swapped 2 Ether (ETH) for over 48 billion SHIB, transforming $2,625 into nearly $1.1 million after swapping SHIB back to ETH yesterday.
Both SHIB transactions from the dormant address. Image: Lookonchain/DeBankThe now crypto millionaire didn’t move his ETH holdings until the time of writing, leaving them in his wallet after the swap.
The timing is curious, since SHIB reached its all-time high in October 2021, and is 70% away from its price peak. If the investor realized his profits back in them, he would have amassed over $4.1 million, an outstanding 156,190% return on the investment.
Moreover, the token shows a slight upside of 4% at the time of writing for the past 30 days, failing to keep up with meme coins deployed near this bull cycle. Solana-based tokens Bonk (BONK) and Dogwifhat (WIF) have risen 55% and 29.5% in the same period, respectively.
Meanwhile, Pepecoin (PEPE) shows a 109% monthly leap at the time of writing, recently registering its all-time high. As the meme coin sector gets more disputed, with more interesting meme-based tokens created daily, SHIB might have a rough path ahead to reach its previous all-time high again.
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