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- 1 Lookonchain data revealed a trader who made 419% returns with Shiba Inu.
- 2 SHIB burn tracker revealed in its X post that there have been a total of 5,611,112 $SHIB tokens burned.
Blockchain analytics firm Lookonchain revealed in its latest X post that after being inactive for 3.5 years, a renowned diamond trader sold off SHIB tokens at a significant profit. This trader initially purchased 48.09 billion SHIB for 2 ETH valued at $2,625 on February 1, 2021.
Recently, the trader sold the SHIB holdings for 278.7 ETH, valued at $1.1 million, resulting in a substantial gain of 419 times the initial investment.
After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.
— Lookonchain (@lookonchain) May 27, 2024
He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc
Transaction data revealed that this was an MEV bot transaction executed at 03:20 PM UTC on May 27. This incident demonstrates how savvy traders can profit in the crypto market.
SHIB Burn Increased: is it a Good Signal?
As per the latest update of Shiburn in the last 24 hours, the burn rate of Shiba Inu is up by 83.5% and stood at 5,611,112.
HOURLY SHIB UPDATE$SHIB Price: $0.00002532 (1hr -0.63% ▼ | 24hr 3.70% ▲ )
— Shibburn (@shibburn) May 28, 2024
Market Cap: $14,888,191,151 (3.19% ▲)
Total Supply: 589,273,529,519,359
TOKENS BURNT
Past hour: 88,172 (1 transaction)
Past 24Hrs: 5,611,112 (83.5% ▲)
Past 7 Days: 46,369,675 (53.52% ▲)
In the past week, the burn rate has increased by 53%. The burning program aims to reduce the abundant supply of SHIB tokens, making them rarer and potentially more valuable over time.
Shiba Inu on the Technical Chart
The technical chart of Shiba Inu price has experienced profit booking from the beginning of March and has undergone a correction phase. However, the price is taking support on the moving averages, showcasing buyers’ support.
SHIB crypto price has been trading above the key moving averages, indicating a bullish momentum. The MACD formed green histograms, and a bullish crossover occurred between the MACD and Signal lines.
When writing, Shiba Inu traded at 0.00002627 with an intraday gain of 2.86%. Additionally, as Shiba Inu is an Ethereum ecosystem coin, it may also benefit from the approval of an Ethereum ETF.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
