Shiba Inu Whale Shifts $3.49 Million Portfolio to $SHIB
A cryptocurrency whale has shifted their portfolio from a popular meme-inspired cryptocurrency that went up over 900% over the past year to bet on another memecoin, Shiba Inu ($SHIB).
Whale Profits from $PEPE and Diversifies Into $SHIB
On-chain data analysis firm Lookonchain identified an Ethereum address that profited handsomely from the $PEPE memecoin, a green frog-themed token that moved up exponentially over the past year.
- The investor reportedly booked a $3.49 million gain
- Diversified holdings into other cryptocurrencies
- Deposited nearly 2 trillion PEPE, worth over $6 million, onto Binance
Allocation into Shiba Inu
One notable allocation was into 75.9 billion Shiba Inu tokens, valued at approximately $893,000. This strategic move suggests the whale believes SHIB may offer more significant upside potential compared to PEPE.
Shiba Inu Performance and Investor Moves
Notably, over the past year Shiba Inu’s price moved up by around 6% and significantly underperformed the $PEPE. The whale further extended their reach by investing roughly $4 million in prominent GameFi projects, including Decentraland (MANA), The Sandbox (SAND), and Gala Games (GALA).
- Shiba Inu’s price underperformed $PEPE
- Whale invested in GameFi projects
- Invested roughly $4 million in prominent projects
Shibarium Transactions and Wallet Addresses
Shiba Inu’s layer-2 scaling solution, Shibarium, experienced a fluctuation in daily transactions, but the number of wallet addresses on the network has been steadily growing.
- Shibarium daily transactions fluctuated
- Network has 1.35 million wallet addresses
- Price of SHIB has not kept up with the wider market
Investor Interest in Shiba Inu
Despite the price performance, investors are still interested in Shiba Inu, with growing adoption and community support. Data from Arkham Intelligence shows significant growth of SHIB on the Robinhood trading platform in recent months.
- Investor interest remains strong
- Community support for SHIB
- Significant SHIB growth on Robinhood platform
Hot Take: Conclusion on Shifting Whale Investment
In conclusion, the cryptocurrency whale’s strategic shift from $PEPE to Shiba Inu indicates a belief in the potential upside of the memecoin. Despite Shiba Inu’s price underperforming, the whale’s allocation into SHIB and GameFi projects demonstrates confidence in the future growth of these assets. The evolving landscape of meme-inspired cryptocurrencies and growing adoption of Shibarium suggest continued interest and investment opportunities in the Shiba Inu ecosystem.
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