A long-term Shiba Inu (SHIB) holder turned a $2,625 investment into more than $1.1 million after patiently holding for over three years. Is this the start of memecoin season?
SHIB holders earned over $1 million on a $2,625 investment.
Patient Shiba Inu owners earned more than 419 times their initial investment of $2,625 over three years.
The competent trader was first discovered by on-chain security company Lookonchain, as shared in an X post on May 27.
“After remaining dormant for 3.5 years, Super Diamond Trader finally sold $SHIB at a profit. He bought 48.09 billion $SHIB using 2 $ETH ($2,625) on February 1, 2021, and now sells it for 278.7 $ETH ($1.1M). That’s 419x profit!”
Following the profit-taking and conversion of Shiba Inu holdings to Ether (ETH), the trader’s wallet “0xe338” was worth more than $1.1 million, according to CoinStats data.
The profitable trade comes at a time when interest in memecoins is growing. According to CoinMarketCap data, as of May 28, memecoin’s cumulative trading volume increased by more than 40% to more than $13 billion.
This transaction comes two weeks after another proficient cryptocurrency trader traded the Pepe (PEPE) memecoin during the resurgence of the GameStop series, turning $3,000 worth of Pepe into $46 million, which led to the sizable rise of that particular memecoin. Prices have risen.
Related: Bitcoin’s rise above $67.5K could trigger a new record high, 10x Research says.
Dog-themed memecoin rally excluding SHIB and DOGE
The two largest memecoins, Dogecoin (DOGE) and SHIB, have lagged in price action, while other dog-themed memecoins have posted double-digit weekly gains.
In the past week, Solana-based Dogwifhat (WIF) is up 34%, Floki (FLOKI) is up 35%, and Bonk (BONK) is up more than 25%.
Pepe is also up 26% on the weekly chart after hitting an all-time high a day earlier on May 27. However, the Pepe fractal hints at a potential 40% price correction if the price chart repeats the January 2024 pattern.
Although it is difficult to predict the start of the overall memecoin run, some traders believe GameStop’s profits will flow into altcoins, similar to the 2021 bull market. That’s because Pepe’s rally coincided with the return of the GameStop GME stock saga.
Based on historical chart patterns, the 2021 altcoin rally was fueled immediately after the GameStop rally, according to cryptocurrency analyst CryptoAmsterdam’s May 14 postPlease refer to the chart below.
Related: A trader made $2.7 million in three days with the Trump-themed MAGA memecoin.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.