In an unfortunate twist of events, a Shiba Inu (SHIB) whale 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-stakes meme coin trades, the prominent whale has seen a whopping $13.5 million wiped from their portfolio.
Shiba Inu Millionaire Faces Setbacks In Recent Trades
On Wednesday, September 18, AI-powered analytics platform, Spot On Chain reported on X (formerly Twitter) that a major Shiba Inu whale recently made a bold move by swapping 1,003 ETH tokens, valued at $2.31 million for 2.86 billion NEIRO tokens.
This massive crypto trade was spurred on by NEIRO’s latest bullish momentum. At the time, the meme coin pumped as high as 17X, signaling strong confidence and interest in its future potential among investors. According to Spot On Chain’s data, the anonymous SHIB whale executed three crypto trades over the past few days, with two resulting in a $13.48 million loss.
While one of the losing trades involved the ETH and NEIRO swap, the other was identified as a SHIB trade. Additionally, the whale’s loss on the NEIRO trade coincided with a 50% crash in the NEIRO Ethereum token this week. This significant trade loss is unexpected, given the Shiba Inu whale’s reputation for making profitable trades.
Earlier, during the last bull run between 2021 and 2022, this Shiba Inu whale had amassed $145 million in profits from trading SHIB tokens. However, this new loss from both the NEIRO and SHIB trade marks a shift in fortune for the whale, underscoring the highly volatile and unpredictable nature of meme coins in the market.
Reason Behind SHIB Whale’s NEIRO Trade
Just this week, the price of NEIRO jumped by over 1,620% to reach a record high of $0.00040. This sudden price pump occurred after the meme coin received an unexpected and indirect endorsement from the creator of Tron (TRX), Justin Sun.
Additionally, NEIRO saw another price increase after the Binance crypto exchange announced that it would list NEIRO. Following the listing, NEIRO, which had a small market capitalization of about $12 million, surged to a $350 million market capitalization in less than a day.
According to CoinGecko’s data the price of NEIRO is now trading at $0.00085, experiencing a price surge of 1,762% over the past week. Its market capitalization has also risen to approximately $362.7 million.
The combination of these bullish factors — Binance’s new listing and Sun’s indirect endorsement, has bolstered positive sentiment for NEIRO, possibly leading top investors such as the earlier SHIB whale to bet big on the meme coin. Although the crypto whale made a substantial loss from this high-risk trade, he has also generated a small-sized profit from his recent trade with Fetch.ai (FET).
This trade, which generated an unrealized profit of $715,000, representing a more than 20.7% gain, occurred after the whale swapped its losing SHIB for 3.114 million FET.
Featured image created with Dall.E, chart from Tradingview.com
Source: https://bitcoinist.com/shiba-inu-whale-145-million/