Shiba Inu Trader That Made $120M Resumes Buying More SHIB

A Shiba Inu trader who previously made over $120 million trading SHIB has begun buying more of the asset again. According to on-chain data from blockchain tracking firm Lookonchain, “a SHIB super big winner” recently spent 4,849 Ethereum, worth $18.44 million at the time of the transaction, to buy 715.9 billion SHIB.

Shiba Inu has had a bullish past 30 days, seeing the asset climb a modest 7% in the past month. Price predictions around the asset are bullish as well, likely inspiring the SHIB whale to resume their buying spree of the asset that previously made them rich. There are many stories of “Shiba Inu millionaires” who earned huge profits by investing in cryptocurrency early. However, not many times are there stories of those investors coming back for more after their first cash-out. This whale, in particular, hopes to capitalize on bullish momentum around the asset to multiply their profits this summer.

SHIB faced a significant price correction last week but is slowly recovering. Many analysts anticipate the popular dog-themed crypto to continue on a bullish trajectory over the next few weeks. SHIB is currently down by nearly 70% from its all-time high of $0.00008616, which it attained in October 2021.

Also Read: Top 3 Meme Coins Other Than Shiba Inu To Buy For 10X Gains In 2024

According to some analysts, though, Shiba Inu is set for a very bullish summer. With the $0.0001 target in sight, Shiba Inu bulls are gearing up for a potentially explosive rally that could propel the asset to new all-time highs. If Shiba Inu manages to reach the $0.0001 target, it will set a new record for the meme coin. The meme coin would then surpass its current all-time high (ATH) of $0.00008845.

At press time, SHIB is trading at $0.00002582, up 5% in 24 hours.