The cryptocurrency world is full of surprises, and one trader has just hit the jackpot with a small initial investment in the canine-themed meme coin Shiba Inu (SHIB). On-chain data reveals that a savvy investor who bought about $2,700 worth of SHIB in 2021 has now raked in over $1 million in profits this week.
Dubbed the “Super Diamond Trader,” this individual made a bold move by purchasing roughly 48.09 billion SHIB on Feb 1, 2021, for just two wrapped ether (WETH) on Uniswap. At the time, Shiba Inu was still flying under the radar, with only a handful of crypto enthusiasts aware of its potential.
After holding onto the SHIB stash for three and a half years, the trader finally decided to cash out as the meme coin’s price skyrocketed to $0.00002614. This move resulted in a staggering 419x gain from the initial investment, turning the trader into a crypto millionaire overnight.
Shiba Inu has been on a wild ride since its launch in August 2020, reaching an all-time high in October 2021. Despite a recent dip, SHIB remains the 11th largest cryptocurrency by market capitalization, with a value of $15.2 billion. The coin has even surpassed Avalanche (AVAX) and is now hot on the heels of Dogecoin (DOGE), its Shiba Inu-themed predecessor.
While SHIB is still down 70.5% from its peak in 2021, the “Super Diamond Trader” seems content with their massive gains. With the cryptocurrency landscape constantly evolving, it remains to be seen if Shiba Inu will experience another meteoric rise like it did in 2021.
In other news, the team behind Shiba Inu has raised $12 million through a token sale for their upcoming digital asset TREAT, which aims to develop a new privacy-centric Layer 3 blockchain. Additionally, SHIB has been accepted as a form of payment for Republican candidate Donald Trump’s 2024 presidential campaign.
The world of cryptocurrency is full of surprises, and the story of the “Super Diamond Trader” serves as a reminder of the potential gains that can be made with strategic investments in the digital asset space.
