Crypto:
30253
Bitcoin:
$66.132
% 0.00
BTC Dominance:
%54.0
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Market Cap:
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% 1.30
Fear & Greed:
74 / 100
Bitcoin:
$ 66.132
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

Shiba Inu Holder Turns $2,625 into $1.1 Million Amid Memecoin Surge

Shiba

After almost three years of careful keeping, a long-term Shiba Inu holder has transformed a $2,625 investment into nearly $1.1 million. Is memecoin season just getting started?

On his $2,625 original investment over three years, the patient Shiba Inu bearer achieved an astounding 419-fold return.

Astute Trading and Memecoin Trends

Lookonchain was the first to identify the astute trader after the on-chain security company stated in a May 27 post:

“The elite diamond dealer sold $SHIB at a profit at last after going three and a half years inactive.” He paid 2 ETH ($2,625) for 48.09B ($SHIB) on February 1, 2021, then sold it for 278.7 ETH ($1.1M), therefore earning a gain of 419x!

Following the profit-taking and changing the Shiba Inu holdings into Ether (ETH), CoinStats data reveals that the trader’s wallet, “0xe338,” is valued at over $1.1 million.

The lucrative trade coincides with a growing memecoin-related curiosity. Based on CoinMarketCap statistics, memecoin trade volume increased by over 40% on May 28 to over $13 billion.

Two weeks ago, another astute cryptocurrency trader turned $3,000 worth of Pepe into $46 million by trading the Pepe memecoin amid the re-emergence of the GameStop story, therefore increasing the price of some memecoins.

Other dog-themed memecoins have seen double-digit weekly rises, while the two biggest memecoins, Dogecoin and Shiba Inu, have been dragging in price activity.

Over the previous week, Bonk (BONK) surged over 25%; Solana-based Dogwifhat (WIF) rose 34%; and Floki (FLOKI) increased 35%.

Pepe also surged 26% on the weekly chart after reaching his all-time high on May 27. Pepe fractals, however, suggest a possible 40% price drop should the price chart duplicate the January 2024 patterns.

READ:  Shiba Rallies 6 Percent!

Although it is impossible to forecast the beginning of a whole memecoin run, some traders believe that the gains from GameStop will make their way into altcoins, just as the 2021 bull run coincided with the GameStop GME stock drama’s comeback.

Crypto analyst CryptoAmsterdam’s May 14 X post, which included the accompanying charts, claims that historical chart patterns show that the GameStop event immediately sparked the 2021 altcoin surge.

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