This SHIB Millionaire Is Doubling Down on The Asset Following Price Surge

by

As a researcher with experience in the crypto market, I’m thrilled to see the recent bullish activities in the digital asset space, particularly meme coins like Shiba Inu (SHIB). The market gains are not limited to Bitcoin but extend to meme coins and decentralized finance protocols.

As a crypto investor, I’ve noticed an exciting reversal in the digital asset market this week. Meme coins, such as SHIB, have shown robust signs of growth in the last 24 hours, indicating bullish trends. This rebound isn’t limited to just meme coins; it extends to top cryptocurrencies and decentralized finance (DeFi) protocols as well. Bitcoin is hovering around $71,000, while Shiba Inu and other meme coins are witnessing new inflows of investments.

A cryptocurrency investor has invested around $18.4 million in buying SHIB tokens within the past 6 hours, as per data from crypto analytics tool Lookonchain and Ethereum blockchain explorer Etherscan. This purchase equates to approximately 4,849 Ether units. The price surge for SHIB and other cryptocurrencies occurred today.

As a successful crypto investor, I’m thrilled to share some exciting news. In the last 6 hours, a major player in the $SHIB community has made a massive purchase. They splashed out an astounding 4,849 $ETH, equivalent to approximately $18.44 million, to acquire an impressive 715.9 billion $SHIB tokens. That’s quite a substantial investment!
This guy spent only ~$400K to buy 5.5T $SHIB in the early stage and sold for ~$121M at 2 peaks.
He made more than $120M on $SHIB before, an amazing gain!…
— Lookonchain (@lookonchain) June 5, 2024

Trader Made Millions From Shiba Inu

In the past, traders became extremely wealthy by investing in a meme token. One trader dropped a significant sum of $400,000 to obtain 5.5 trillion coins and later sold it during two profitable transactions, raking in approximately $121 million. This lucrative deal sparked interest among users towards the token.

Lately, the SHIB market has been characterized by optimistic views, as evidenced by a significant shift of assets today. According to Spotonchain’s report on X, a major investor holding around 167 billion SHIB acquired an extra 173 billion SHIB in 2021.

In the past hour, a significant investor, known as a “whale,” exchanged 1,000 dollars worth of Ethereum Wrapped (wETH), equivalent to approximately 3.83 million dollars, for 149,300 Shiba Inu (SHIB) tokens. This whale’s last recorded SHIB transaction occurred three years ago when they sold a massive amount of 167 billion SHIB, which was around 6.13 million dollars at the time. The received SHIB tokens originated from an early investor who purchased a staggering 5.16 trillion SHIB using just 45 Ethereum (ETH), or roughly 63,700 dollars, on March 1, 2021. Currently, this whale holds 1,169 wETH, amounting to approximately 4.45 million dollars, and may potentially buy more SHIB in the future.

SHIB Price Soars 8% 

As a crypto investor, I’ve noticed an impressive 8.2% surge in Shiba Inu’s price today. This upward trend is attributed to favorable intraday trading and shifting market sentiments. Consequently, the weekly losses have been scaled back to a manageable 5.1%. With a market capitalization of $15.2 billion under my belt, SHIB‘s daily trading volumes have also picked up significantly by 48%. Although it still lies 70% below its all-time high, optimistic bulls remain hopeful that Shiba Inu might reach new milestones.

This SHIB Millionaire Is Doubling Down on The Asset Following Price Surge

Other meme coins and altcoins also posted huge gains igniting new inflows to the crypto market. 

Technical Factors Favor the Ethereum Price Surge: Checkout the Details

Read More

2024-06-05 17:34