Meme coins have surged in popularity within the cryptocurrency sector over the past two years, creating a significant number of millionaires. Shiba Inu (SHIB), often seen as the main rival to Dogecoin (DOGE), is one of the major contributors to this trend. A recent investment in SHIB by a former investor has yielded substantial profits, drawing wide attention.
Who is the Shiba Inu Wealthy Investor?
On-chain data reveals that a previous SHIB investor, who initially earned $120 million, has renewed their interest in the coin. This investor is reportedly gearing up for another round of profits from SHIB.
Blockchain tracking service Lookonchain reported that this investor spent around $18.44 million, equivalent to 4,849 Ethereum (ETH), to acquire 715.9 billion SHIB. This move has captured considerable interest within the cryptocurrency community.
What are the Latest Shiba Inu Transactions?
Lookonchain detailed that the investor initially invested approximately $400,000 to buy 5.5 trillion SHIB, which was sold for $121 million at two peaks. This remarkable return of over $120 million from SHIB investments is noteworthy.
Additionally, Lookonchain examined nine wallets associated with two entities that invested heavily in SHIB. These wallets spent $35.2 million on June 5 to purchase 1.356 trillion SHIB at an average price of $0.00002596. At the time of writing, SHIB traded at around $0.00002585, following a 6.7% increase in the last 24 hours, with a market cap exceeding $15.2 billion.
Solana Whale’s Costly Move
Investigations by Lookonchain also focused on a whale operating on the Solana (SOL) network. This whale incurred significant losses after investing in the sloth-themed memecoin SLERF. On June 4, the whale spent $923,000 to purchase 2.91 million SLERF and $378,000 to buy 2,280 SOL from Gateio. Since April 25, they accumulated 11.9 million SLERF at an average price of $0.3432, resulting in a current loss of $266,000.
Key Takeaways for Investors
- Early and strategic investments in meme coins like SHIB can yield substantial profits.
- Tracking on-chain data can provide valuable insights into significant market movements.
- Large investments by whales can significantly impact coin prices and attract market attention.
- The volatile nature of meme coins requires cautious and informed investment strategies.
Understanding the dynamics of meme coin investments can provide a competitive edge in the highly unpredictable cryptocurrency market.