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).Pepe, the controversial meme-inspired cryptocurrency, recently made a lot of noise after surpassing Dogecoin (DOGE), the biggest canine coin, in daily trading volume and scoring major exchange listings.
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.