According to blockchain analytics account Lookonchain, a clever early investor in the Shiba Inu (SHIB) cryptocurrency has earned considerable returns from the canine coin as well as the meme-based cryptocurrency Pepe (PEPE).
The investor, known as “SmartMoney,” spent $96.5K to purchase 188.6 billion SHIB, and then sold 95.3 billion SHIB for an astounding $1.18 million.
SmartMoney presently has 92.3 billion SHIB, which is valued at around $929K and has generated earnings of almost $2 million.
In addition to the spectacular SHIB gains, SmartMoney also made a tidy return on Pepe, investing 19 ETH (or $36,415) to buy 72.83 billion PEPE.
The contentious cryptocurrency Pepe, which was inspired by memes, has generated a lot of buzz after overtaking Dogecoin (DOGE), the largest canine coin, in daily trading volume and earning significant exchange listings.
The unusual token became popular among traders as a result of its connection to Pepe the Frog, a well-known online meme figure.
The currency is largely perceived as a speculative instrument, which naturally raises questions about the project’s validity.
The meme-inspired cryptocurrency market has the potential for large growth, according to the Lookonchain report, with early adopters like SmartMoney profiting from the trend. It also calls into question market manipulation, though.
Remember that SHIB is down 88.46% from its all-time high.
