A prominent Shiba Inu (SHIB) whale who once earned $145 million from trading SHIB in 2021 is now facing heavy losses. After a series of high-risk trades, the whale's portfolio has dropped by $13.5 million.
On September 18, Spot On Chain reported that this whale swapped 1,003 ETH (worth $2.31 million) for 2.86 billion NEIRO tokens. The trade was driven by NEIRO's recent surge, which saw the meme coin rise by 17 times. However, two of the whale’s recent trades, including this NEIRO swap and a SHIB trade, have resulted in a $13.48 million loss.
One of the trades went bad after NEIRO's value plunged by 50% this week, marking a big reversal for the whale, who was once known for making highly profitable trades. Earlier, during the 2021-2022 bull run, this trader made millions from SHIB but is now facing the tough reality of the volatile meme coin market.
The price of NEIRO surged over 1,620% earlier this week, fueled by a surprising endorsement from Tron (TRX) creator Justin Sun and Binance's announcement that it would list NEIRO on its platform. NEIRO’s market cap shot up from $12 million to $350 million in less than a day, further encouraging big investors like this SHIB whale to get involved.
According to CoinGecko, NEIRO’s value increased by 1,762%, hitting a market cap of $362.7 million. This bullish sentiment likely convinced the whale to bet big on NEIRO. However, despite the heavy loss on the NEIRO trade, the whale saw a small profit in another move, swapping SHIB for Fetch.ai (FET) and earning an unrealized gain of $715,000, a 20.7% return.
While the whale has faced substantial losses, these events highlight the unpredictable nature of meme coins and how even experienced traders can struggle in such a volatile market.
