In an unfortunate turn of events, a Shiba Inu Whale (SHIB) who once amassed a staggering $145 million fortune in 2021 from a SHIB trade is now facing substantial losses. After engaging in a series of high-risk trades meme coin exchangesThe prominent whale has seen a whopping $13.5 million disappear from his wallet.
Shiba Inu millionaire faces setbacks in recent transactions
On Wednesday, September 18, AI-powered analytics platform Spot On Chain reported On X (formerly Twitter) a large Shiba Inu whale recently made a bold move by swapping 1,003 ETH tokens, valued at $2.31 million, for $2.86 billion. NEURO tokens.
This massive cryptocurrency trade was fueled by NEIRO’s latest bullish push. At the time, the meme coin soared by as much as 17x, indicating a huge amount of confidence and interest in its future potential among investors. According to data from Spot On Chain, anonymous whale SHIB executed three cryptocurrency trades in the past few days, two of which resulted in a loss of $13.48 million.
While one of the losing trades involved ETH and NEIRO swap, the other was identified as a SHIB operation. In addition, the loss of the whale in the NEIRO operation coincided with a Ethereum NEIRO token drops by 50% This week. This significant trading loss is unexpected, given the Shiba Inu whale’s reputation for making profitable trades.
Previously, during the last bull run between 2021 By 2022, this Shiba Inu whale had accumulated $145 million in profits from trading SHIB tokens. However, this new loss from both NEIRO and SHIB trading marks a change of fortune for the whale, underscoring the highly volatile and unpredictable nature of meme coins In the market.
The reason behind SHIB Whale’s trade with NEIRO
This week alone, the price of NEIRO surged by over 1,620% to reach an all-time high of $0.00040. This sudden price increase occurred after the meme coin received an unexpected and indirect boost. approval from the creator of Tron (TRX), Justin Sun.
In addition, NEIRO saw another price increase after the Binance cryptocurrency exchange announced that NEIRO would be listed. Following the listing, NEIRO, which had a small market capitalization of around $12 million, increase to a market cap of $350 million in less than a day.
According to data from CoinGecko, NEIRO is currently trading at $0.00085, up 1,762% over the past week. Its market cap has also increased to approximately $362.7 million.
The combination of these bullish factors — New Binance listing and Sun’s indirect endorsement, has reinforced positive sentiment for NEIRO, possibly leading major investors, such as the SHIB whale above, to Bet big on the meme coinAlthough the crypto whale made a substantial loss with this high-risk trade, he also made a small profit with his recent trade with Fetch.ai (FET).
This trade, which generated an unrealized profit of $715,000, representing a gain of over 20.7%, came after the whale exchanged his losing SHIB for 3.114 million FET.
Featured image created with Dall.E, chart from Tradingview.com
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.