Shiba Inu Whale Loses $13.5M After Earlier $145M Success

In a regrettable turn of events, a Shiba Inu (SHIB) whale who previously amassed an impressive $145 million through SHIB trading in 2021 is currently experiencing significant losses. Following a series of high-risk meme coin trades, the notable whale has had approximately $13.5 million erased from their portfolio.

Shiba Inu Millionaire Encounters Challenges in Recent Transactions

On Wednesday, September 18, the AI-driven analytics service, Spot On Chain noted on X (formerly Twitter) that a prominent Shiba Inu whale recently executed a daring transaction, swapping 1,003 ETH tokens, worth $2.31 million, for 2.86 billion NEIRO tokens.

This substantial trade was fueled by NEIRO’s recent surge in favorable market conditions. At that moment, the meme coin experienced a dramatic spike of up to 17X, reflecting robust confidence and interest among investors regarding its prospects. According to data from Spot On Chain, the anonymous SHIB whale conducted three trades in the past few days, with two resulting in a $13.48 million deficit.

One of the unprofitable trades involved swapping ETH and NEIRO, while the other was linked to a SHIB transaction. Furthermore, the whale’s loss in the NEIRO trade coincided with a 50% drop in the NEIRO Ethereum token this week. This significant loss was unexpected, particularly given the whale’s prior success with profitable trades.

Previously, during the last bull market between 2021 and 2022, the Shiba Inu whale had earned a staggering $145 million from trading SHIB tokens. However, this latest loss from both the NEIRO and SHIB trades signifies a shift in fortunes for the whale, highlighting the highly volatile and unpredictable nature of meme coins in today’s market.

Reason Behind SHIB Whale’s NEIRO Investment

Earlier this week, NEIRO’s price surged over 1,620% to achieve an all-time high of $0.00040. This sudden rise was triggered by an unexpected and indirect endorsement from Tron (TRX) creator, Justin Sun.

Moreover, NEIRO witnessed an additional price surge following the announcement by the Binance exchange that it would list NEIRO. Post-listing, NEIRO, which had a modest market cap of around $12 million, skyrocketed to a market cap of $350 million in less than 24 hours.

According to CoinGecko’s data, NEIRO is currently priced at $0.00085, marking a price increase of 1,762% over the past week. Its market capitalization has also surged to about $362.7 million.

The combination of these positive developments — the new Binance listing and Sun’s indirect support — has generated a favorable sentiment for NEIRO, potentially enticing key investors like the former SHIB whale to make substantial investments in the meme coin. Although the crypto whale has suffered a major loss from this high-risk move, he has also realized a smaller profit from a recent transaction involving Fetch.ai (FET).

This trade yielded an unrealized profit of $715,000, representing a gain of over 20.7%, which took place after the whale exchanged his losing SHIB for 3.114 million FET.