A cryptocurrency trader who bet 1.51 Ethereum ($ETH) on the meme-inspired cryptocurrency Shiba Inu ($SHIB) back in 2021 has, after hodling onto their funds, recently moved them to Nasdaq-listed cryptocurrency exchange Coinbase to secure a gain of 600,000&.
According to data from on-chain analysis service Lookonchain the trader, who bet $2.521 into the meme-inspired cryptocurrency to buy 49.8 billion tokens, has moved 40.5 billion tokens that had been staked for 2.6 years to the exchange to make around $1.58 million in gains.
This remarkable story highlights the potential, and inherent risk, associated with memecoins, which are often characterized by extreme price fluctuations and community-driven initiatives hype.
The trader’s move comes after the price of the meme-inspired cryptocurrency surged by more than 300% over the past week as the adoption of its layer-2 scaling solution keeps on growing and reaching new milestones.
The surge coincided with a milestone for Shibarium, the Shiba Inu ecosystem’s layer-2 scaling solution. The network has surpassed 3.5 million blocks and is nearing 400 million transactions, with over 1.35 million wallet addresses, demonstrating growing adoption, according to Shibariumscan. Shibarium hit the 300 million transaction mark back in January of this year.
Notably, the recent cryptocurrency market surge has allowed other memecoins trader to make significant gains. In a recent case, a whale made more than $2.9 million by betting on the Solana-based memecoin $BONK at the right time.
The whale accumulated 98 billion BONK tokens worth over $1.5 million from leading cryptocurrency exchange Binance just before the cryptocurrency’s price moved up over 50% in a single day.
Featured image via Unsplash.
