In an unfortunate turn of events, Shiba Inu Whale (SHIB) who once amassed a staggering net worth of $145 million in 2021 through SHIB trading, now faces significant losses. After engaging in a series of risky trades meme coin transactionsAs much as $13.5 million disappeared from the wallet of this eminent whale.
Shiba Inu Millionaire Faces Setbacks in Recent Deals
On Wednesday, September 18, Spot On Chain, an AI-powered analytics platform reported on X (formerly Twitter) it was reported that a certain giant Shiba Inu whale recently made a bold move by exchanging 1,003 ETH tokens worth $2.31 million for $2.86 billion NEURO tokens.
This massive crypto trading was spurred by NEIRO’s latest bullish momentum. At the time, the meme coin reached 17X, signaling robust confidence and interest in its future potential among investors. According to data from Spot On Chain, the anonymous whale SHIB made three crypto trades in the past few days, two of which resulted in losses of $13.48 million.
While one of the losing transactions was ETH and NEIRO swap, the second one was identified as SHIB transaction. Furthermore, the whale’s loss on NEIRO transaction coincided with 50% failure of the NEIRO Ethereum token this week. This significant trading loss is unexpected given the Shiba Inu whale’s reputation for making profitable trades.
Earlier, during last bull run between 2021 and 2022, this Shiba Inu whale has amassed $145 million in profit from trading SHIB tokens. However, this recent loss from both NEIRO and SHIB trading marks a change in the whale’s fortunes, highlighting the highly volatile and unpredictable nature meme coins available.
Reason for SHIB Whale’s NEIRO Transaction
This week, NEIRO’s price surged by over 1620% to a record high of $0.00040. This sudden price enhance comes after the meme coin received an unexpected and indirect support from the creator of Tron (TRX), Justin Sun.
Additionally, NEIRO saw another price enhance after the Binance cryptocurrency exchange announced that NEIRO would be listed. After the listing of NEIRO, which had a diminutive market capitalization of about $12 million, choppy to a market capitalization of $350 million in less than a day.
According to CoinGecko data, NEIRO is currently trading at $0.00085, which represents a price enhance of 1762% over the past week. The market capitalization has also increased to around $362.7 million.
The combination of these bullish factors — Up-to-date Binance Offer and Sun’s indirect support has strengthened the positive sentiment towards NEIRO, which may prompt leading investors such as former whale SHIB to place a large bet on meme coinAlthough the crypto whale incurred a significant loss on this high-risk transaction, he also generated a diminutive profit on his last transaction with Download.ai (FET).
The trade, which generated an unrealized profit of $715,000, an enhance of over 20.7%, came after the whale exchanged losing SHIB for 3.114 million FET.
Featured image created with Dall.E, chart from Tradingview.com
