Astonishing Profits from Investing in SHIB
Many people have been attracted to the cryptocurrency industry because of the potential for significant profits. One remarkable story involves an investor in Shiba Inu (SHIB).
In August 2020, this trader bought $8,000 worth of SHIB. Over the following months, the price of SHIB skyrocketed, and by October 2021, the investment was valued at an incredible $5.7 billion.
The Shib Magazine called this an “85-million-percent leap” and hailed it as the “greatest trade of all time.”
In November 2021, the trader sent trillions of SHIB tokens to different wallets. However, they still hold around 200 billion SHIB, which is currently worth approximately $2 million.
Is SHIB on the Verge of Another Bull Run?
The price of SHIB has seen a significant increase recently, following the overall bullish trend in the crypto market. In the past two weeks alone, SHIB has spiked by almost 30%. On-chain metrics suggest that further growth may be on the horizon.
Data from CryptoQuant shows that there have been more outflows than inflows of SHIB in the last 24 hours. This shift towards self-custody methods is viewed as bullish because it reduces selling pressure.
Additionally, the resurgence of other memecoins like Dogecoin (DOGE), Pepe Coin (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) could contribute to another rally for SHIB.
It’s worth noting that BONK recently reached an all-time high and its market capitalization exceeded $500 million.
Hot Take: SHIB’s Potential for Growth
Based on recent developments and market trends, SHIB has the potential for further growth. With its significant price increase, high exchange outflows, and the resurgence of the memecoin market, SHIB could experience another bull run in the near future. However, as with any investment, it’s important to conduct thorough research and consider the risks before making any decisions.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
