An inactive SHIB whale has re-awoken after a one year dormancy leaving the crypto community abuzz. According to cryptocurrency analytics tracker @lookonchain, the vast wallet contains $7.5 million worth of Shiba Inu, 756,048,387,096 SHIB and has proceeded to purchase six other meme coins; PEPE, WOJAK, AFY, Dione, DMTR and VAI and 179 million FLOKI from Flokitars Deployer. The whale is lucky to have purchased 1 trillion Shiba Inu for 10 ETH ($15,118) prior to the rise in its price. After selling the 703 billion SHIB for 676 ETH ($2.24 million) and another 300 billion at the Binance listing for $5.3 million, he made a net profit of $7.5 million.

Another dimethyltryptamine.eth wallet holder is also seeing an impressive return on investment. This wallet purchased $260 worth of PEPE early on and, unsurprisingly, it has become nearly an $8 million investment due to the both Binance and Bitfinex listing. Binance CEO CZ has warned the community of the risk of such meme coins and to always do their own research (DYOR) when investing. Deposits for the PEPE and the FLOKI coins were suddenly suspended due to technical difficulties and were to be traded against TUSD and USDT stablecoins.

Overall, the increase in buying activity from this SHIB whale and the explosive rise in prices for meme coins are serving as a meteoric reminder of the volatile nature of the cryptocurrency market. It also brings light to the huge potential profit that comes if you are in the right place, at the right time.



Other News from Today