Crypto Investor Earns Millions on SHIB

Shiba Inu Investor Rakes in Millions

Meme coins have become increasingly popular in the cryptocurrency realm, minting a number of millionaires. Shiba Inu (SHIB), Dogecoin's (DOGE) arch-rival, has been a major contributor to this surge. A recent investment in SHIB by a seasoned investor has garnered significant attention due to its staggering profits.

Shiba Inu's Wealthy Investor

Blockchain data reveals that a former SHIB investor, who previously made $120 million, has rekindled their interest in the coin. This investor is reportedly poised to reap further gains from SHIB.

Blockchain tracking service Lookonchain reports that the investor invested around $18.44 million, or 4,849 Ethereum (ETH), to acquire 715.9 billion SHIB. This move has ignited considerable interest within the cryptocurrency community.

Recent Shiba Inu Transactions

According to Lookonchain, the investor initially invested approximately $400,000 to purchase 5.5 trillion SHIB, which was later sold for $121 million at two peaks. This remarkable return of over $120 million from SHIB investments is noteworthy.

Additionally, Lookonchain analyzed nine wallets associated with two entities that made significant investments 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, reflecting a 6.7% increase over the last 24 hours. Its market capitalization exceeded $15.2 billion.

Lessons for Investors

• Early and strategic investments in meme coins like SHIB can yield substantial profits.
• Monitoring on-chain data can provide valuable insights into market movements.
• Large investments by whales can influence coin prices and attract market attention.
• The volatile nature of meme coins necessitates cautious and informed investment strategies.