A shrewd early investor in the Shiba Inu (SHIB) cryptocurrency has reaped significant gains not only from the canine coin but also from meme-based cryptocurrency Pepe (PEPE), according to blockchain analytics account Lookonchain.
The investor, dubbed "SmartMoney," bought 188.6 billion SHIB with $96.5K and later sold 95.3 billion SHIB for a staggering $1.18 million.
SmartMoney currently holds 92.3 billion SHIB, valued at approximately $929K, and has made around $2 million on SHIB.
In addition to the impressive SHIB gains, SmartMoney has also profited handsomely from Pepe, purchasing 72.83 billion PEPE with 19 ETH (equivalent to $36,415).
The quirky token gained traction among traders due to its association with the popular internet meme character Pepe the Frog.
The coin is primarily seen as a tool for speculation which, of course, leads to concerns about the project's legitimacy.
The Lookonchain analysis highlights the potential for significant gains in the meme-inspired cryptocurrency market, with early investors like SmartMoney capitalizing on the trend. However, it also raises questions about market manipulation.
It is worth noting that SHIB is down 88.46% from its record high.
Vladislav Sopov