This is the story of a Shiba Inu trader who bet on a promising future for this memecoin, and it seems, he was right! With just 1.51 ether, he came out with a colossal profit of 628x.
A Shiba Inu trader on his way to unexpected fortune
However, despite this meteoric rise, the SHIB has not yet achieved its ultimate goal: to be worth a penny. But that doesn’t matter, because the recent advances are significant. A notable reduction of zeros was observed, offering a ray of hope to investors.
After 2.6 years of stake, he withdrew the entire 40.5B $SHIB ($1.58M) and deposited it to Coinbase 30 minutes ago.
If he sells, he will earn ~$1.58M, a gain of 628x! »
A cryptocurrency enthusiast made a bold decision in 2021 by betting 1.51 Ethereum ($ETH) on the crypto meme, Shiba Inu ($SHIB), reports Crypto Globe. After holding on despite market shocks, he recently transferred his funds to the Nasdaq-listed exchange Coinbase, making a gain of $600,000.
Lookonchain data reveals that this trader invested $2,521 in this atypical cryptocurrency, thus acquiring 49.8 billion tokens. Recently, he transferred 40.5 billion of these tokens, which had been in play for 2.6 years, to the American crypto exchange, achieving an impressive profit of around $1.58 million.
This gripping story highlights both the lucrative potential and risks associated with memecoins, known for their extreme price fluctuations and popularity within the crypto community.
The trader’s initiative comes after a spectacular surge in the price of SHIB, which increased by more than 300% over the previous week.
Shibarium: A crucial step in the rise of native crypto
The recent surge in the cryptocurrency market has been accompanied by an important moment for Shibarium, the Layer 2 scaling solution for the Shiba Inu ecosystem. The network has crossed the threshold 3.5 million blocks and approaching 400 million transactionswith over 1.35 million wallet addresses, indicating increasing adoption, according to Shibariumscan. In January this year, Shibarium had already reached 300 million transactions.
In another intriguing development, a crypto whale recently recorded massive gains by investing wisely in the Solana-based $BONK memecoin. Accumulating 98 billion BONK tokens worth over $1.5 million on Binance, the whale saw the price of the cryptocurrency surge over 50% in a single day, making a profit of more of $2.9 million.
The taxi driver who made his fortune with BONK has already shared ideas on how he will invest his winnings in the future.
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