According to a recent report, an expert cryptocurrency trader took advantage of the price volatility of some popular crypto assets including Shiba Inu (SHIB), PepeCoin (PEPE) and other memecoins to amass breathtaking profits.
The update shared by OnchainDataNerd revealed that the Meme Lord turned an initial capital of $30,000 into a whopping $450,000 with early investments in several tokens including two popular memecoins SHIB and PEPE within three years.
As per OnchainDataNerd’s tweet, the Meme Lord made a profit of $60,000 from trading Shiba Inu which represented 22x of the capital invested in 2021. The pseudonymous Twitter user added that the Meme Lord would have made even higher profits but not for his early exit from the trade in May. Notably, the unknown Meme Lord used $2,500 worth of ETH to buy SHIB in March 2021.
The investor is also among those who spotted PEPE before its historic price rally in May 2023 and made massive profits to the tune of 14x so far. Per the thread, the Meme Lord first bought billions of PEPE on April 17, offloading a huge chunk on May 5 after Binance listed the crypto token.
With 14 billion PEPE still stationed in the whale’s crypto wallet at the time of the report, the investor is said to have already made a gain of $70,000 from his initial sales.
Meanwhile, his biggest profit came from a $300 USDC investment in $TSUKA in May 2022, OnchainDataNerd wrote. The Meme Lord is said to have bagged $250,000 in profit after taking selling a portion of his $TSUKA token holding in July. This profit is 1000x the capital.
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Its largest winner was $TSUKA, with just a 300 $USDC buy in May 2022.
It took profit in the first pump in Jul, and transferred all to another wallet to hold in Nov.
✅ Profit: 1000x
✅ Gain: $250K pic.twitter.com/c6p8YS9gwu— The Data Nerd (@OnchainDataNerd) May 28, 2023
These massive gains made by the unknown whale from trading crypto assets such as SHIB indicated that anyone can make millions of dollars investing early in cryptocurrencies.
A close look at the SHIB price chart shows that the second-largest memecoin is at a very low price at press time, far from its all-time high. As published, it is possible to make millions of dollars by investing in SHIB but the analysis requires SHIB’s price to touch $0.01.
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