New data from crypto tracker Lookonchain reveals that a 2021 trade involving memecoin Shiba Inu (SHIB) has posted over 600x gains and has moved onto top US-based crypto exchange Coinbase.
Lookonchain notes the trader spent 1.51 in Ethereum (ETH), valued at $2,521 at the time of the trade, to buy billions of SHIB, which then soared to a value of $1.93 million only a few years later.
“After 2.6 years of staking, he withdrew all 40.5 billion SHIB ($1.58 million) and deposited it into Coinbase [early Tuesday]. If he sells, he will make ~$1.58 million, a gain of 628x!”
SHIB is trading for $0.0000318 at time of writing, down more than 3% in the last 24 hours.
Lookonchain also notices a trader amassed $5.2 million in profits buying the Solana (SOL)-based memecoin dogwifhat (WIF).
“This trader spent 6,996 SOL ($909,000) to buy 534,956 WIF at $1.70 again [Monday]. And he has spent 20,996 SOL ($2.45 million) to buy 4.53 million WIF since February 16th and the current unrealized profit is ~$5.2 million.”
WIF is trading for $1.41 at time of writing, up nearly 2% in the last 24 hours.
The big gains come as crypto’s memecoin sector soared in value leading up to Bitcoin breaking its all-time high earlier this week, trading above $69,000 for the first time since November 2021. Many memecoins, including Pepe (PEPE) and Bonk (BONK), put up double-digit gains.
Bitcoin has subsequently retraced and is trading for $63,925 at time of writing, down 4.4% in the last 24 hours.
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