In the world of meme coins, one investor stands out for their extraordinary buying spree of Shiba Inu (SHIB) tokens. This whale recently spent a whopping 4,849 ETH, equivalent to around $18.44 million, to acquire an astounding 715.9 billion SHIB in just six hours. This level of accumulation is unprecedented, even for a seasoned investor who has previously made significant profits from SHIB investments.
Previous Success
According to Lookonchain’s analysis, this same investor had initially spent only $400,000 to purchase 5.5 trillion SHIB tokens. They later sold these holdings at peak points, raking in a total of approximately $121 million in profits – a remarkable return on their initial investment. With this track record of success, the recent accumulation of SHIB suggests that the investor may be gearing up for another profitable run on the popular meme coin.
The whale’s buying spree didn’t stop there. They continued to accumulate SHIB tokens by making a series of massive purchases. In one instance, the investor acquired 149.3 billion SHIB by trading around 1,000 wrapped Ethereum (WETH) valued at $3.83 million. Subsequently, they bought an additional 173 billion SHIB tokens, bringing their total haul to 323 billion SHIB after exchanging a total of 2,188 WETH, worth $8.29 million.
Price Surge and Developments
Amidst the investor’s increasing accumulation, SHIB’s price surged to $0.000025, marking a nearly 9% increase over the past 24 hours. The price surge can be attributed to several significant developments within the Shiba Inu ecosystem. Shibarium, the Layer-2 scaling solution, made advancements to improve transaction volume and efficiency. The Shibdentity initiative introduced a digital identity era, while the Sheboshis NFT collection of 20,000 avatars launched on Ethereum. Additionally, Shiba Inu secured a $12 million funding round from key players to develop a privacy-focused Layer-3 blockchain. The integration of the Shibaswap decentralized exchange with Shibarium further expanded the ecosystem’s capabilities.
The whale’s latest purchases coincided with SHIB’s price resurgence, with the asset jumping by 6% alongside the rest of the market. This investor’s bold moves in accumulating SHIB tokens indicate a strategic play to capitalize on the potential gains of the popular meme coin.
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