In the world of cryptocurrencies, meme coins have gained significant traction, especially in the last two years. Despite their perceived lack of real-world connection, meme coins have created hundreds, if not thousands, of millionaires. SHIB, positioned as DOGE’s main competitor, has been a major contributor to this trend. A past SHIB investment by an investor has recently turned into a substantial profit, drawing significant attention.
Shiba Inu Wealthy Investor
According to on-chain data, a former investor who earned $120 million thanks to Shiba Inu (SHIB) has started accumulating again. This investor appears to be eyeing another profit specifically from SHIB.
Information revealed by Lookonchain, known for blockchain tracking, shows that an investor who previously made significant gains from SHIB spent approximately $18.44 million, equivalent to 4,849 Ethereum (ETH), to purchase 715.9 billion SHIB, attracting a lot of attention.
Lookonchain made the following statement about the matter:
This person spent only about $400,000 to buy 5.5 trillion SHIB early on and sold it for around $121 million at two peaks. Previously, they had made over $120 million from SHIB, an incredible gain!
Lookonchain also revealed another important piece of information. According to the company’s findings, nine wallets belonging to two entities that purchased SHIB were scrutinized.
Nine wallets (two whales) spent $35.2 million on June 5 to buy 1.356 trillion SHIB at an average price of $0.00002596!
Looking at the Shiba Inu price, it was trading at around $0.00002585 at the time of writing, following a 6.7% increase in the last 24 hours. SHIB’s market cap exceeded $15.2 billion, while its trading volume settled just below $1 billion after a 52% increase.
Solana Whale’s Move
Lookonchain also closely examined a crypto whale operating on the Solana (SOL) network. The investigation revealed that the whale incurred six-figure losses after purchasing the sloth-themed memecoin SLERF.
On June 4, a whale bought 2.91 million SLERF ($923,000) and 2,280 SOL ($378,000) from Gateio. Then, they spent 2,281 SOL ($378,000) to buy 1.17 million SLERF. Since April 25, they have bought 11.9 million SLERF ($4.09 million) at an average price of $0.3432 and currently have a loss of $266,000.
