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New data from crypto tracker Lookonchain reveals that a 2021 trade involving memecoin Shiba Inu (SHIB) has posted over 600x gains and has moved onto top US-based crypto exchange Coinbase.
Lookonchain notes the trader spent 1.51 in Ethereum (ETH), valued at $2,521 at the time of the trade, to buy billions of SHIB, which then soared to a value of $1.93 million only a few years later.
“After 2.6 years of staking, he withdrew all 40.5 billion SHIB ($1.58 million) and deposited it into Coinbase [early Tuesday]. If he sells, he will make ~$1.58 million, a gain of 628x!”
SHIB is trading for $0.0000318 at time of writing, down more than 3% in the last 24 hours.
Lookonchain also notices a trader amassed $5.2 million in profits buying the Solana (SOL)-based memecoin dogwifhat (WIF).
“This trader spent 6,996 SOL ($909,000) to buy 534,956 WIF at $1.70 again [Monday]. And he has spent 20,996 SOL ($2.45 million) to buy 4.53 million WIF since February 16th and the current unrealized profit is ~$5.2 million.”
WIF is trading for $1.41 at time of writing, up nearly 2% in the last 24 hours.
The big gains come as crypto’s memecoin sector soared in value leading up to Bitcoin breaking its all-time high earlier this week, trading above $69,000 for the first time since November 2021. Many memecoins, including Pepe (PEPE) and Bonk (BONK), put up double-digit gains.
Bitcoin has subsequently retraced and is trading for $63,925 at time of writing, down 4.4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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