The recent surge in Shiba Inu has ignited excitement among its holders, with the meme coin experiencing a remarkable 300% increase in value over the past seven days.
Today alone, Shiba Inu witnessed a surge of 60%, propelling its price to $0.000043, marking a significant milestone as it approaches its all-time high of $0.000088.
Amidst the fervor, on-chain reports from Lookonchain shed light on notable transactions involving prominent figures in the cryptocurrency space.
Rune, known as RuneKek and the Co-founder of MakerDAO, made headlines by purchasing $SHIB. Over the course of three days, Rune invested 500,000 USDC to acquire 25.04 billion SHIB, valued at approximately $673,500.
Bullish or bearish on $SHIB?
We noticed that Rune(@RuneKek, Cofounder of MakerDAO) bought $SHIB and #JustinSun sold $SHIB.#Rune spent 500K $USDC to buy 25.04B $SHIB($673.5K) in the past 3 days.https://t.co/3w6fwrzsN3#JustinSun deposited 20B $SHIB ($) to $Poloniex and sold… pic.twitter.com/vniy4i9fOZ
— Lookonchain (@lookonchain) March 4, 2024
Conversely, Justin Sun, the well-known entrepreneur and founder of TRON, made a strategic move by selling $SHIB. Sun deposited 20 billion SHIB to Poloniex and subsequently sold 8.18 billion SHIB for 212,560 USDC within the past four hours.
Currently, Sun holds 524 billion SHIB, boasting a total profit of around $9.5 million from his transactions.
Old SHIB Buys In 2021 Shows Remarkable Giants Stored Up
In another intriguing development, a trader who initially invested only 1.51 ETH ($2,521) to purchase 49.8 billion SHIB back in 2021 has seen significant gains.
This trader spent only 1.51 $ETH($2,521) to buy 49.8B $SHIB($1.93M currently) in 2021!
After 2.6 years of staking, he withdrew all 40.5B $SHIB($1.58M) and deposited it into #Coinbase 30 mins ago.
If he sells, he will make ~$1.58M, a gain of 628x!https://t.co/oE4sETZwa4 pic.twitter.com/4O7cxM6PRB
— Lookonchain (@lookonchain) March 5, 2024
After staking for 2.6 years, the trader withdrew all 40.5 billion SHIB, currently valued at $1.93 million, and deposited it into Coinbase. If the trader decides to sell, they stand to make approximately $1.58 million, reflecting an impressive gain of 628 times their initial investment.
Despite these notable transactions and profit-taking activities, Shiba Inu continues its upward trajectory, surging over 60% today.
The remarkable performance of SHIB underscores the fervent interest and bullish sentiment surrounding meme coins in the cryptocurrency market, highlighting the potential for substantial gains and wealth creation in this dynamic and rapidly evolving landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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