A whale turned a $3,800 investment in SHIB into over $6 million, with remaining holdings valued at $52 million. The news highlights the potential for massive profits in meme coins, tokens that have experienced colossal price increases in the past few years, thus giving savvy traders the chance to make substantial profits. Among the notable examples is Shiba Inu (SHIB), which erased multiple zeroes from its valuation.
This comes as another trader who got lucky with SHIB, purchased approximately 50 billion tokens for $2,500 in 2021. After 30 months of staking, they withdrew 40.5 billion assets and deposited them into Coinbase. The individual could have made a profit of around $1.58 million (at the time) should they have sold. Another trader made a significant profit from PEPE, a meme coin. They held 170.2 billion PEPE coins at the end of October 2023 and sold them for almost $2 million in USDC earlier this year. The return on investment (ROI) is a whopping 886%, while the total profit is $1.77 million. Additionally, a trader who bought 416.8 million Cat in a Dogs World (MEW) tokens in July for $2.42 million recently saw their investment grow. As of this writing, the stash equals approximately $2.5 million. Dealing with meme coins can result in significant profits but also carries the risk of major losses. These assets often rely on trends and generally lack utility or intrinsic value, making their prices highly susceptible to sharp declines in a short time
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