In a surprising and unfortunate turn of events, a Shiba Inu (SHIB) whale who once amassed a fortune of $145 million in 2021 from SHIB trades is now encountering significant losses. After participating in a series of high-stakes meme coin trades, this prominent whale has seen a staggering $13.5 million erased from their portfolio.
Shiba Inu Millionaire Faces Setbacks In Recent Trades
On Wednesday, September 18, the AI-powered analytics platform Spot On Chain reported on X (formerly known as Twitter) that a major Shiba Inu whale recently made a bold move by exchanging 1,003 ETH tokens, valued at $2.31 million, for 2.86 billion NEIRO tokens. This significant trade was driven by NEIRO’s recent bullish momentum, which saw the meme coin surge as high as 17X, indicating strong investor confidence and interest in its future potential.
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According to Spot On Chain’s data, the anonymous SHIB whale executed three crypto trades over the past few days, with two resulting in a combined loss of $13.48 million. One of the losing trades involved the exchange of ETH for NEIRO, while the other was identified as a SHIB trade. This loss on the NEIRO trade coincided with a 50% crash in the NEIRO Ethereum token this week. The significant trade loss came as a surprise, given the Shiba Inu whale’s reputation for making profitable trades.
Background on the Shiba Inu Whale’s Trading Success
During the last bull run between 2021 and 2022, this Shiba Inu whale had accumulated $145 million in profits from trading SHIB tokens. However, the recent losses from both the NEIRO and SHIB trades mark a shift in fortune for the whale, highlighting the highly volatile and unpredictable nature of meme coins in the market.
Reason Behind SHIB Whale’s NEIRO Trade
This week, the price of NEIRO jumped by over 1,620% to reach a record high of $0.00040. This sudden price surge occurred after the meme coin received an unexpected and indirect endorsement from Tron (TRX) creator, Justin Sun. Additionally, NEIRO saw another price increase after the Binance crypto exchange announced that it would list the token. Following the listing, NEIRO, which initially had a small market capitalization of about $12 million, surged to a $350 million market capitalization in less than a day.
According to CoinGecko’s data, the price of NEIRO is now trading at $0.00085, experiencing a price surge of 1,762% over the past week. Its market capitalization has risen to approximately $362.7 million. The combination of these bullish factors — Binance’s new listing and Sun’s indirect endorsement — has bolstered positive sentiment for NEIRO, possibly leading top investors such as the earlier SHIB whale to bet big on the meme coin.
Impact of the NEIRO Trade on the SHIB Whale
Although the crypto whale made a substantial loss from this high-risk trade, they also generated a small profit from a recent trade with Fetch.ai (FET). This trade, which generated an unrealized profit of $715,000, representing over a 20.7% gain, occurred after the whale swapped their losing SHIB for 3.114 million FET tokens.
This recent series of trades underscores the dynamic and often unpredictable nature of the cryptocurrency market. Even seasoned investors with a history of significant profits can face substantial losses due to the highly volatile nature of meme coins and other cryptocurrencies. As always, it remains crucial for investors to conduct thorough research and exercise caution when engaging in high-stakes crypto trades.
