Crypto Updates

Trader That Made $120,000,000 on Shiba Inu Begins Accumulating SHIB Again: On-Chain Data


A deep-pocketed entity who made $120 million on Shiba Inu (SHIB) is suddenly accumulating the memecoin again, according to on-chain data.

The blockchain tracking firm Lookonchain reports that “a SHIB super big winner” just spent 4,849 Ethereum (ETH), worth $18.44 million at the time, to buy 715.9 billion SHIB.

Says Lookonchain,

“This guy spent only ~$400K to buy 5.5 trillion SHIB in the early stage and sold for ~$121 million at two peaks. He made more than $120 million on SHIB before, an amazing gain!”

Source: Lookonchain/X

The crypto tracker also noticed nine other wallets belonging to two entities making massive SHIB buys.

“Nine wallets (two whales) spent $35.2 million to buy 1.356 trillion SHIB at an average price of $0.00002596 [on June 5th]!”

Source: Lookonchain/X

SHIB Is trading for $0.00002604 at time of writing, up 6.7% in the last 24 hours.

On the Solana (SOL) network, Lookonchain also noticed one crypto whale was staring at six-figure losses after continuing to accumulate sloth-themed memecoin SLERF.

“A whale withdrew 2.91 million SLERF ($923,000) and 2,280 SOL ($378,000) from Gateio [on June 4th]. Then he spent 2,281 SOL ($378,000) to buy 1.17 million SLERF. He has bought 11.9 million SLERF ($4.09 million) at an average price of $0.3432 since April 25th and currently has a loss of $266,000.”

Source: Lookonchain/X

However, the trader now appears to be in profit as Slerf is trading for $0.40 at time of writing, up more than 22% in the last 24 hours.

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Featured Image: Shutterstock/Aleksandra Bataeva

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