- Entrepreneurs Justin Sun and Rune Christensen are compared in realized SHIB profits.
- Shiba Inu aims for the top dog spot as SHIB looms near DOGE by global market cap.
- Shiba Inu is battling a resistance wall at $0.00003 due to the gradual market correction.
The popular dog-embossed memecoin Shiba Inu (SHIB) has been the darling of famous crypto whales in the ongoing bull run. As previously detected, several known crypto figures have accumulated tens of millions worth of SHIB in the months preceding the latest rally.
As Shiba Inu embarked on a magnificent 289% bull run to challenge Dogecoin (DOGE) for a top-10 spot by global market cap, it’s time to look at the most famous crypto whales’ profits during this period.
How Maker DAO Founder Banked on SHIB
MakerDAO CEO Rune Christensen’s and Tron blockchain founder Justin Sun’s on-chain moves have been compared to determine which cryptocurrency millionaire has seized the opportunity to bank on SHIB.
In a recent tweet by the blockchain detective agency LookOnChain, the on-chain sleuths discovered that Rune spent 500,000 USD Coin (USDC) on March 1 and 4, 2024, to purchase 25 billion Shiba Inu tokens. After acquiring the lump sum, MakerDAO’s co-founder sold 8 billion SHIB coins from the 25B stash.
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By doing so, Rune took huge profits from Shiba Inu’s tremendous weekly surge. He made around $245.5K in profits from the sell-off, while his cryptocurrency address still holds 17B SHIB, worth approximately $525K.
Justin Sun’s Premature Move Takes Its Toll
Meanwhile, Tron’s founder Justin Sun has also earned a reputation as an active SHIB whale, but the crypto magnate’s recent moves serve as a huge contrast to how Rune handled his SHIB stash. Sun didn’t wait until March 6 to make a profit, as he deposited 20 billion Shiba Inu coins to Poliniex, soon selling 8.18 billion SHIB for $212.56K USDC.
Despite the profits netted, it’s clear that Sun would have missed out on approximately $360K in profits if he had waited until Tuesday, March 5, when SHIB reached its highest point in the bull run so far, trading at $0.000044 at 4 AM GMT. While the early exit symbolizes unrealized potential, it’s also noteworthy that Sun still holds over 500B SHIB in assets, valued at $15,800,884.09 at the time of publication.
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Judging by the latest SHIB price movement, Sun’s unrealized profits now stand at slightly above $10 million. While it’s clear that prematurely ejecting SHIB on March 4 has slashed the return on investment, Sun still owns a hefty sum of 500B, in comparison to Rune Christen’s 17B SHIB.
The resistance to selling off the majority holdings simultaneously implies that famous crypto whales expect Shiba Inu to keep up the bullish momentum. While the 289% weekly run for SHIB is impressive, it’s important to note that the current market correction has decreased the canine crypto by over 10% over the past 24 hours.
On the Flipside
- Blockchain detective agency LookOnChain noted that Rune Christensen acquired 619 MKR for $2,100 a piece after selling the 8B SHIB.
- However, the reinvestment in his coin is yet to pay off, as Maker (MKR) price slumped to $1,935.55 in the early hours of March 6, 2024.
Why This Matters
Tracking whale moves on-chain during bull runs paints a vivid picture of sentiment surrounding the most experienced cryptocurrency traders.
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