Bitrabo Editorial
A notable Shiba Inu (SHIB) investor, once holding a remarkable $145 million fortune from SHIB trades in 2021, is now encountering significant financial setbacks. After participating in several risky meme coin transactions, this investor has recorded a substantial loss of $13.5 million from their holdings.
Recent Trading Challenges for Shiba Inu Investor
On September 18, the analytics platform Spot On Chain reported on X (formerly Twitter) about a prominent Shiba Inu investor who recently made a significant trade, exchanging 1,003 ETH tokens worth $2.31 million for 2.86 billion NEIRO tokens.
This large-scale crypto transaction was triggered by a surge in NEIRO’s value, which saw a remarkable increase of up to 17 times, showcasing heightened investor confidence and enthusiasm about its prospects. Data from Spot On Chain indicates that the anonymous investor conducted three trades in recent days, with two resulting in losses totaling $13.48 million.
Among these losing trades, one involved the ETH and NEIRO exchange, while the other was a trade involving SHIB. Moreover, the investor’s loss from the NEIRO trade was closely linked to a 50% decline in the NEIRO Ethereum token this week. This downturn in fortune is surprising, considering the investor’s previous success in profitable trades.
Previously, during the bull market from 2021 to 2022, this investor had successfully earned $145 million from SHIB trading. However, losses from recent NEIRO and SHIB trades signify a notable change in their trading success, emphasizing the highly unstable and unpredictable environment of meme coins.
Motivation Behind the SHIB Investor’s NEIRO Trade
This week, NEIRO’s price skyrocketed by over 1,620%, reaching an all-time high of $0.00040. This dramatic increase was attributed to a sudden and indirect support from Tron (TRX) creator Justin Sun.
Furthermore, NEIRO saw further growth after its listing on the Binance exchange, which confirmed that it would host NEIRO. As a result, NEIRO, with an initial market cap of about $12 million, surged to achieve a market capitalization of $350 million within just a day.
According to CoinGecko, NEIRO is now trading at $0.00085, reflecting a significant 1,762% increase over the past week. Its market capitalization has also grown to around $362.7 million.
The positive momentum for NEIRO, driven by Binance’s listing and Sun’s indirect endorsement, likely motivated investors, including the SHIB whale, to heavily invest in this meme coin. Despite suffering a major loss from this risky strategy, the whale also recorded a smaller profit from a recent exchange involving Fetch.ai (FET).
This particular trade yielded an unrealized profit of $715,000, marking a gain of over 20.7%, as the investor swapped their underperforming SHIB for 3.114 million FET tokens.