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This SHIB millionaire is doubling down on the asset following the price surge
Digital assets have seen a turnaround this week with meme coins like SHIB showing bullish activity over the past 24 hours. The market gain affects major crypto assets, meme coins and decentralized finance (DeFi) protocols. Bitcoin is hovering around $71,000, while meme coins like Shiba Inu are attracting new inflows.
A cryptocurrency trader spent $14.88 million to buy SHIB in the last six hours as the price rebounds. According to crypto analytics platform, Lookonchain citing
Etherscan data, a trader spent 4,849 ETH, approximately $18.4 million, to purchase 715.9 billion SHIB. This comes after SHIB price rallied with other crypto assets today.
A $SHIB the super big winner is buying $SHIB madly, spending 4,849 $ETH($18.44 million) to buy 715.9 billion $SHIB in the last 6 hours.
This guy only spent ~$400,000 to buy 5.5T $SHIB early stage and sold for ~$121M in 2 peaks.
He earned more than $120 million $SHIB first, an incredible profit!😱… pic.twitter.com/iREp5jfj75
—Lookonchain (@lookonchain) June 5, 2024
The trader made millions from Shiba Inu
Previously, traders made a fortune by purchasing the meme token. The trader spent $400,000 to buy 5.5 trillion coins and sold them to two picks for $121 million. The transaction that saw him earn more than $120 million attracted users to the token.
Bullish sentiments have shaped the SHIB narrative recently with a large asset movement recorded today. A whale that received 167 billion SHIB in 2021 earned another 173 billion SHIB, Spotonchain wrote on X.
“An early buyer-related whale just traded $1K WETH ($3.83 million) for $149.3 SHIB in the last hour! The whale’s last $SHIB activity was the sale of $167 billion ($6.13 million) 3 years ago. These tokens were received by a very early buyer who purchased $5.16 trillion SHIB with just $45 ETH ($63.7 thousand) on March 1, 2021. The whale still holds $1,169 WETH ($4.45 million ) and could buy more $SHIB”
SHIB price increases by 8%
The price is Shiba Inu rose 8.2% today following positive intraday trading and a swing in market sentiment. These gains narrowed weekly losses to 5.1%, placing the monthly figures in the green zone at 3.1%. With the asset’s market capitalization of $15.2 billion, its daily trading volumes increased by 48%. Although SHIB remains 70% below its all-time high, bulls believe the coin could reach more milestones.
Other meme coins and altcoins have also seen huge gains, triggering new inflows into the cryptocurrency market.
Read also: Technical Factors Drive Ethereum Price Surge – Check Details
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.