A cryptocurrency whale has managed to make an impressive return of over 3,475,700% to bring their wallet to the $1.6 billion mark in just one year by finding altcoins with a small market capitalization that were set to grow.
According to popular on-chain researcher 0xReflection, a cryptocurrency whale with a wallet address starting with 0xf3b, whose largest holding is the second-largest cryptocurrency by market capitalization Ethereum (ETH), of which he holds $441 million bought at an average price of $2,069.
The whale also holds a substantial amount of Crypto.com’s CRO tokens and the meme-inspired cryptocurrency Shiba Inu (SHIB), holdings 4423 million of CRO and $374 million of SHIB for a total gain of over $7 million on these holdings.
The researcher didn’t detail which cryptocurrencies the whale used to boost his portfolio’s performance, and given the sudden value surge shown in the chart it’s likely that some of the funds came from other wallets under their control.
The whale’s largest ETH holdings is aligned with those of other institutional investors, as there has been a growing trend of these investors betting on Ethereum through a series of channels, which include trusts, exchange-traded products, and investment funds.
According to analysis from CryptoQuant, the spike in institutional interest in Ethereum signals a strong belief in its long-term value and potential for market expansion. These investors are not just drawn to the current market trends but are also looking at Ethereum’s promising future, with the implementation of Ethereum 2.0 and other enhancements seen as key drivers.
Other investors who have managed to make significant returns by investing on-chain include a whale who managed to turn little over $1,000 into a $325,900 fortune in just 18 hours by trading several newly launched tokens on Ethereum.
Featured image via Pixabay.