Shiba Inu Investor Turns $2,625 into $1.1 Million Amid Possible Memecoin Trend
Summary:
A Shiba Inu (SHIB) investor has transformed a $2,625 investment into over $1.1 million after holding it for three years. This market activity may signal the start of memecoin season. Data from Lookonchain revealed the transaction while also indicating the trader's wallet is now worth over $1.1 million due to the conversion of Shiba Inu into Ether (ETH). The article also suggests that the increases in lesser-known dog-themed memecoins hint at an emerging trend. Lastly, some analysts predict that profits from stock like GameStop could trickle down to altcoins, simulating the 2021 bull run. This summary does not constitute investment advice.
After three years of patient holding, a Shiba Inu (SHIB) investor has turned a mere $2,625 into a staggering $1.1 million. This raise could mark the start of an upswing in the trend of memecoins. The Shiba Inu investor's initial investment of $2,625 burgeoned to over 419 times the original value in three years.
The transaction conducted by the savvy investor was first brought to light by Lookonchain, an on-chain security platform. On May 27, they shared in an X post that the dormant trader finally reaped a profit by selling his Shiba Inu holdings. The investor spent 2 ETH ($2,625) to purchase 48.09B SHIB on February 1, 2021, which he then sold for 278.7 ETH ($1.1M), marking a spectacular 419 fold returns.
After cashing out, the investor's wallet, labeled "0xe338," now contains over $1.1 million, according to CoinStats data, as a result of converting the Shiba Inu to Ether (ETH).
On the backdrop of burgeoning interest in memecoins, this profitable trade stands out. On May 28, the consecutive trading volume of memecoins escalated over 40% to cross $13 billion, as per data from CoinMarketCap.
Notably, this lucrative trade took place two weeks after another astute crypto trader skyrocketed a $3,000 Pepe investment to $46 million amidst the resurgence of the GameStop saga, leading to the inflation of certain memecoins.
In the meanwhile, other lesser-known canine-themed memecoins exhibited impressive double-digit weekly gains, with Dogecoin and Shiba Inu lagging in comparison. Dogwifhat (WIF), a token backed by Solana, observed a 34% increase, Floki (FLOKI) climbed by 35%, and Bonk (BONK) shot up by over 25% in the last week.
Similarly, Pepe also registered a 26% growth on the weekly chart after achieving a new all-time high on May 27. Current patterns in the chart hint at a potential price depreciation of 40% for Pepe, aligned with patterns from January 2024.
Predicting a surge in memecoin value can be tricky, but some traders opine that profits from GameStop investments might seep into altcoins, much like the 2021 bull run. Gaming-platform Pepe's rise coincided with the resurgence of GameStop dynamics.
As per projections from crypto analyst CryptoAmsterdam, the 2021 altcoin surge was ignited shortly after the GameStop upswing. This story is not intended as investment advice or recommendations; individuals should undertake their independent research as every investment or trade movement involves risk.
Published At
5/28/2024 6:40:39 PM
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