- Recent on-chain data reveals that a major investor, who previously made a significant return from Shiba Inu (SHIB), is once again accumulating the meme-based cryptocurrency.
- The blockchain analysis firm, Lookonchain, reported that this investor acquired SHIB by spending a substantial amount of Ethereum (ETH).
- A notable quote from Lookonchain highlights that this investor initially turned a modest investment into an impressive profit, demonstrating the volatile nature and potential returns of cryptocurrency investments.
Discover how a past SHIB investor is re-entering the market and what it could mean for the cryptocurrency landscape in our latest analysis.
Significant SHIB Accumulation by High-Profile Investor
According to Lookonchain, the prominent investor, often referred to as a “SHIB super big winner,” recently spent 4,849 Ethereum (ETH), valued at $18.44 million, to acquire 715.9 billion SHIB tokens. This substantial purchase indicates a renewed interest in SHIB by large stakeholders, who may be banking on future price appreciation.
Historical Performance and Investor Gains
Lookonchain notes that this particular investor previously purchased 5.5 trillion SHIB for approximately $400,000 during its early stages. The investor eventually sold these assets at two market peaks, netting a total of approximately $121 million, a staggering profit that underscores the high-reward aspect of meme-based cryptocurrencies.
Other Major SHIB Purchases Noticed
In addition to the significant accumulation by the main investor, nine wallets associated with two entities collectively spent $35.2 million to buy 1.356 trillion SHIB at an average price of $0.00002596. This activity points to a broader trend of large-scale SHIB acquisitions, suggesting strategic positioning by multiple investors.
Implications for SHIB’s Market Performance
As of the time of writing, SHIB is trading at $0.00002604, which represents a 6.7% increase in the past 24 hours. The recent purchasing activity by large investors could indicate a bullish sentiment in the SHIB market, potentially driving further price movements in the near term.
Whale Activity in Other Meme Coins: The Case of SLERF
On the Solana (SOL) network, Lookonchain observed significant activity involving SLERF, another meme-based cryptocurrency. One whale withdrew a considerable amount of SLERF and SOL from Gateio and continued purchasing SLERF despite previous losses.
SLERF’s Performance and Investor Returns
The whale invested approximately $4.09 million in SLERF since late April at an average price of $0.3432 per token and initially faced a loss of $266,000. However, with SLERF’s recent price surge to $0.40, the investor is now turning a profit, showcasing the potential rewards and risks involved in meme coin investments.
Conclusion
The renewed interest and significant purchases by high-profile investors in SHIB and SLERF highlight the ongoing appeal and volatility of meme-based cryptocurrencies. These activities suggest that while the potential for high returns remains, investors should continue to exercise caution and perform thorough research before committing significant capital to these assets.
