On-chain analysis platform Spot On Chain has drawn the crypto community’s attention to two traders who have made impressive profits from trading Shiba Inu (SHIB) and Pepe (PEPE). This development again highlights potential rewards one could make from investing in this category of crypto tokens.
Spot On Chain revealed in an X (formerly Twitter) post about a whale who had deposited 200 SHIB tokens ($6.94 million) to crypto exchanges Gemini and Crypto.com in an act of profit-taking. This trader is said to have bought 15.2 trillion SHIB with just 10 ETH about 4 years ago.
Back then, he purchased these tokens for $29.015 million (and an average price of $0.000001625 for each SHIB). Since then, on-chain data shows that the trader has continued to take profit at different times and has sold 15.254 trillion SHIB for $72.895 million (and an average price of $0.000004779 per SHIB), earning a realized gain of $48.105 million.
Interestingly, despite having offloaded most of those SHIB tokens (with only 2.6 trillion SHIB remaining), the trader still has an unrealized gain of over $80 million, which they can make from selling the remaining tokens. SHIB’s recent price surge is why the trader’s gain has significantly shot up despite just having 2.6 trillion SHIB left.
Meanwhile, Spot On Chain also revealed another whale made millions of dollars from PEPE’s recent price surge. Interestingly, this trader only started trading the meme coin on March 2 when they purchased 1.901 trillion PEPE tokens for $10.888 million (an average price of $0.000005727 per token). Soon after, the trader began gradually selling off these tokens and eventually sold them all for $14.252 million, earning a realized gain of $3.364 million.
Meme Coins: The Gift That Keeps On Giving Bitcoinist recently reported of a trader who turned $1,800 into $11 million by simply buying the Solana-based meme coin Dogwifhat (WIF). These stories underscore how profitable investing in meme coins can be. In the past, there have also been reports of persons who made billions of dollars from trading meme coins.
Meme coins are expected to make more millionaires and billionaires in this bull cycle. That explains why these crypto tokens already look to be one of the leading narratives in this bull run, as many traders position themselves in hopes that they can also have their rag-to-rich stories. At the moment, Solana is where the action is taking place as meme coins on the network continue to gain more prominence.
SHIB price at $0.000032 | Source: SHIBUSD on Tradingview.com Featured image from Times Tabloid, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.