Big Wins in Memecoins: Profits Soar Amid Crypto Surge
Recent data from Lookonchain, a cryptocurrency tracking platform, unveils significant gains from a trade involving the memecoin Shiba Inu (SHIB) in 2021.
The transaction, which has now garnered over 600 times its initial investment, has transitioned to the prominent US-based crypto exchange Coinbase.
According to Lookonchain, the trader utilized 1.51 Ethereum (ETH), valued at $2,521 at the time, to acquire billions of SHIB. Subsequently, the value surged to $1.93 million within a few years.
After 2.6 years of staking, the trader withdrew all 40.5 billion SHIB ($1.58 million) and transferred it to Coinbase early Tuesday. If sold, this would result in approximately $1.58 million, marking a gain of 628 times.
At the time of reporting, SHIB is trading at $0.0000318, reflecting a decrease of more than 3% over the past 24 hours.
Lookonchain also highlights another trader who accumulated $5.2 million in profits by investing in the Solana (SOL)-based memecoin dogwifhat (WIF).
READ MORE: Crypto Guru Forecasts Dogecoin Surge Amid Market Buzz
The trader invested 6,996 SOL ($909,000) to acquire 534,956 WIF at $1.70 once again on Monday. Additionally, they have spent 20,996 SOL ($2.45 million) to purchase 4.53 million WIF since February 16th, resulting in a current unrealized profit of approximately $5.2 million.
WIF is currently trading at $1.41, reflecting an increase of nearly 2% in the last 24 hours.
These notable gains coincide with a surge in the memecoin sector of the cryptocurrency market, particularly preceding Bitcoin’s recent achievement of breaking its all-time high, surpassing $69,000 for the first time since November 2021. Various memecoins, including Pepe (PEPE) and Bonk (BONK), have demonstrated double-digit gains during this period.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
