Quick Take:
- A SHIB trader netted a 419x profit from a 3-year investment.
- The transaction utilized MEV, a feature unique to the Ethereum network.
Yello Paradisers! Could holding onto your crypto be the secret to unlocking a fortune like the SHIB trader who turned a modest investment into a staggering $1.1 million?
From Dormancy to Dominance: A SHIB Tale
In the world of crypto, patience isn’t just a virtue; it’s potentially very profitable. One Shiba Inu (SHIB) trader, aptly dubbed the “super diamond trader” by LookOnChain, has just demonstrated this by ending a 3.5-year nap with a spectacular wake-up call, a 419x return on their initial investment. Initially investing 2 Ethereum (ETH) worth about $2,625 back in the day, the trader cashed out with a cool $1.1 million in Ethereum.
A Strategic Unleashing of SHIB
The savvy trade wasn’t just notable for its returns but also its execution on May 27, 2023. The trader employed a Maximal Extractable Value (MEV) bot to reorder their transaction within a block, a slick move that maximizes earnings without the messy side effect of disturbing market prices.
MEV: The Crypto Ninja Move
MEV bots are like the ninjas of the crypto world, silent, efficient, and deadly (to profits, that is). They manipulate the sequence of transactions for gain, not the market dynamics. So, while the SHIB sale was massive, it barely made a ripple in the market pond.
Riding the Memecoin Wave
The timing couldn’t have been better. With memecoins seeing a 40% surge in trading volume to over $13 billion just a day after the SHIB sale, our hero trader rode the wave of heightened interest and market liquidity.
Ethereum’s Rally: A Cherry on Top
The icing on this crypto cake was Ethereum’s 25% price rally that same week, sweetening the deal further and likely influencing the trader’s decision to sell.
Post-Trade Wealth
Post-sale, the trader’s wallet, “0xe338,” became a little heavier, boasting over $1.085 million in Ethereum. Meanwhile, Shiba Inu itself continues to wiggle its tail vigorously in the market, trading at $0.0000277 with a recent 2.5% uptick.
SHIB’s Market Dance
As Coinbase gears up to offer SHIB perpetual contract trading, the token prances between the support level of $0.000027 and resistance at $0.00003. Amidst this, SHIB’s trading volume has ballooned to nearly $2.4 billion, outperforming its older cousin Dogecoin.
Moral of the Story
In crypto, sometimes being a diamond-handed, strategic hodler isn’t just a meme, it’s a move that can lead to life-changing gains. But as always in the volatile realm of meme coins, tread carefully and research deeply, for today’s diamond hands could be tomorrow’s dust.
