Shiba Inu (SHIB) Investor Makes Over $6M Unrealized Profit, Time To Start Taking A Look At SHIB: Analyst

The crypto community's attention was recently drawn to a Shiba Inu (SHIB) investor who has made millions of dollars from the meme coin.

A Shiba Inu (SHIB) investor has made millions of dollars from the meme coin, highlighting the benefits of conviction and patience in the crypto market.

According to on-chain analytics platform Lookonchain, the investor has made $6.12 million from his SHIB investment. The platform revealed this in an X (formerly Twitter) post, where it also mentioned that the individual had just withdrawn 353.83 billion SHIB tokens from Binance and now holds 838.87 billion SHIB tokens.

The investor's decision to accumulate more Shiba Inu and move them off the centralized exchange indicates their intention to hold for the long term despite already sitting on $6.12 million in profit.

On-chain data shows that this Shiba Inu investor has been accumulating the meme coin since 2023, when they first purchased over 817 million SHIB tokens. Since then, this Shiba Inu looks to have been dollar-cost-averaging and accumulating more SHIB tokens on every dip.

This also explains why the smart trader made this recent transaction and accumulated more of the meme coin, seeing as Shiba Inu is currently on a downtrend and has declined by over 15% in the last seven days, according to data from CoinMarketCap.

The Shiba Inu investor's decision to keep holding their SHIB tokens rather than secure profits shows that they still expect more price surges for the meme coin in this bull run.

SHIB rising higher in this market cycle undoubtedly remains a huge possibility considering that crypto analysts like Rekt Capital have noted that the bull run has yet to reach its peak.

Moreover, crypto analysts like Javon Marks have expressly given their bullish predictions for Shiba Inu in this bull run, stating that the meme coin would still shed another zero and possibly rise to as high as $0.0001553.

Crypto analyst Kevin (formerly OG Yomi) recently suggested that this may be a perfect time to start accumulating Shiba Inu.

He stated in an X post that Shiba Inu is in an “incredible spot to start taking a look at if you have not already.” He revealed that the meme coin's 3-day relative strength index (RSI) is at the same level it was at during the “very bottom” of the bear market.

Based on his analysis, Kevin told crypto investors that it would be crazy not to start a DCA position, especially if they missed Shiba Inu's initial move to the upside. He added that he expects SHIB to outperform if Bitcoin holds up and breaks all-time highs.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-investor-m-unrealized-profit-time-start-shib-analyst.html

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