A mid-tier crypto investor, commonly known in market circles as a “shark,” has closed out a Shiba Inu (SHIB) position after 2 years, walking away with an 83.2% loss. Blockchain data from the Arkham intelligence platform confirmed the move. The wallet address “0xb0e8” ended a two-year period of dormancy with a series of transfers to Binance, the world’s largest cryptocurrency exchange by trading volume.
The timing could not have been worse when the position was originally opened. The investor bought at the peak. Two years later, the market delivered its verdict.
A $508,000 Bet Placed at the Worst Possible Moment
In March 2024, the investor withdrew 14.5 billion SHIB tokens from Binance. The position carried a market value exceeding $508,000 at the time of withdrawal. That same month, SHIB was staging one of its most aggressive short-term rallies in recent history.
Between early and mid-March 2024, the token surged 372%. It peaked at $0.00004546. Retail enthusiasm was high. Trading volumes spiked. The broader crypto market was riding the momentum of Bitcoin’s post-halving anticipation, and meme coins were attracting significant speculative capital.
The “shark” stepped in near the top of that run. Whether this reflected poor timing, overconfidence in a continued rally, or simply bad luck remains unknown. What is clear is that the entry price was among the worst the investor could have chosen in that cycle.
Two Years of Silence — Then a Final Exit
Following the initial purchase, the wallet went quiet. For approximately 24 months, “0xb0e8” recorded no meaningful activity. The only transactions flagged during this period were spam transfers, a common occurrence across wallets holding popular tokens. These transfers originate from third parties and carry no financial significance.
The extended dormancy suggested one of two things. Either the investor held firm with a long-term thesis on SHIB, or the loss grew so severe that inaction became the default. In crypto markets, both scenarios are common among holders who buy into momentum and watch it evaporate.
This week, the silence ended. The full 14.5 billion SHIB, every token from the original withdrawal, was transferred back to Binance. At current prices, the position is valued at approximately $86,000. The investor absorbed a realized loss of around $422,000.
Shiba Inu now trades at $0.00000580. That price represents an 87% decline from the March 2024 peak. The token has failed to reclaim the highs it set during that rally despite multiple broader market recoveries over the past two years.
Source: https://coinpaper.com/15448/shiba-inu-price-crash-costs-crypto-shark-422-k-after-two-years-of-holding-at-peak
