One smart investor has capitalized on the recent Shiba Inu surge and its effect on meme coins, as a whale flipped 1.9 trillion PEPE for SHIB, generating $3.5 million in profits. Indeed, Lookonchain reported the whale sold off the Pepe holdings to invest in a plethora of other meme coins, led by Shiba Inu.
The transactions took place as Shiba Inu has seen a 422% increase in whale transactions, according to IntoTheBlock data. Moreover, that increase was the largest that the SHIB ecosystem has observed in almost a year with a surge of almost $375 million.
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Meme Coin Whales Makes Profit Flipping Pepe for SHIB
With Bitcoin rising to $62,000- its highest price since November 2021- the entire digital asset market is seemingly benefitting. Indeed, that performance has not only led to assets like Ethereum and Ripple also seeing gains but has also impacted a plethora of meme coins.
Subsequently, one investor has taken advantage of that trend. Specifically, a Shiba Inu whale had notably changed positions on 1.9 trillion Pepe for SHIB and some other meme coins. Ultimately, the investors generated a $3.5 million profit in the meantime.
Also Read: PEPE Surges 50%: Outshines Dogecoin (DOGE) and Shiba Inu (SHIB)
Lookonchain reports that the whale switched his position from Pepe to Shiba Inu, $MANA, $SAND, and $GALA. However, the primary swap was SHIB, with the whale purchasing 75.9 billion tokens. Subsequently, the meme coin has been on a massive surge and thoroughly eliminated a zero.
Currently, SHIB is trading at $0.00001474 according to CoinMarketCap. Moreover, that figure showcases an increase of almost 10% over the last 24 hours alone. Not only has this been aided by the previously mentioned whale transactions surge, but also a 30,187% burn rate increase.
Indeed, Shibburn noted that more than 3.7 million SHIB tokens were eliminated from circulation. Altogether, Shiba Inu appears to be making the most out of the recent digital asset surge that was initiated by Bitcoin this week.
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