Diamond hands SHIB holder made $1.1m profit after 3 years HODL
A long-time Shiba Inu (SHIB) owner has turned a $2,625 investment into more than $1.1 million after more than three years of patience. Is this the beginning of memecoin season?
The owner of the Shiba Inu made a profit of more than 1 million dollars on 2,625 investments
The owner of the patient Shiba Inu made a return of more than 419 times his initial investment of $2,625 in three years.
As the on-chain security firm shared in a May 27 X post, Insightful Merchant was first discovered by Loonchain.
“After being dormant for 3.5 years, Super Diamond Trader finally sold $SHIB at a profit. In the year He spent 2$ETH($2,625) to buy 48.09B $SHIB on February 1st, 2021 and sold it for 278.7$ETH($1.1M), now making a profit of 419x!”
Following the profitable conversion of Shiba Inu holdings to Ether (ETH), the trader's wallet “0xe338” is worth more than $1.1 million, CoinStats data shows.
The profitable trade comes at a time when interest for memecoins is high. According to CoinMarketCap data, the total trading volume of memecoins increased by more than 40% to $13 billion on May 28.
Another astute crypto trader, whose trade occurred, traded PEPE's memecoin after he turned $3,000 into $46 million, sending the price of some memecoins skyrocketing as the GameStop saga resurfaced.
Related: Bitcoin Rally Over $67.5K Could Hit New Record High, Says 10x Research
A lineup of dog-themed memecoins with the exception of SHIB and DOGE
While the two largest memecoins, Dogecoin (DOGE) and Shiba Inu, have been lagging in price action, other dog-themed memecoins have posted double-digit weekly gains.
Solana-based Dogwiffhat (YFF) is up 34 percent, FLOKI is up 35 percent, and BONK is up 25 percent last week.
Pepe rallied 26% on the weekly chart on May 27 after hitting a new high the day before.However, Pepe's fractals hint at a 40% price correction if the price chart repeats from January 2024.
While it's hard to predict the start of an overall memecoin run, some traders believe that profits from GameStop will seep into altcoins in a similar fashion to the 2021 bull run — a rally similar to the return of GameStop's GME stock saga.
Based on historical chart patterns, the 2021 altcoin rally changed after the GameStop rally, according to crypto analyst CryptoAmsterdam's May 14 post, citing the charts below.
RELATED: Trader Makes $2.7M in 3 Days on Trump-Themed MAGA Memecoin
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
