Crypto surveillance resource “The Data Nerd” has uncovered an investor who made a staggering 537-fold return on investment from Based Shiba Inu (BSHIB), a fast-growing meme coin on the Base network.
Per the disclosure, the investor with wallet “0xeC9” began the journey 25 days ago, flipping a mere $272 to over $146,000. At the time, the trader leveraged 0.07 ETH tokens valued at $272 to acquire 186 million BSHIB.
ROI – x537 from trading Meme in #Base
25 days ago, a smart money 0xeC9 just used 0.07 $ETH (~$272) to swap for 186M $BSHIB.
4 days later, he started selling 122M $BSHIB and earned $86k.
Just now, he still owns 64.2M $SHIB (~$59.3k)https://t.co/rYdEKvawUn pic.twitter.com/zPbQwzOxbv
— The Data Nerd (@OnchainDataNerd) April 8, 2024
Turning $272 to $146K with BSHIB
Analysis by The Data Nerd reveals that the BSHIB investor held onto the meme asset for four days before initiating profit-taking moves. From the fourth day of the initial purchase, the investor commenced dumping BSHIB after observing significant gains.
The crypto surveillance account noted that the investor orchestrated ten BSHIB selloff transactions, offloading 122 million tokens. After these sales, the investor realized $86,000 in profit from the initial $272 portfolio.
Furthermore, The Data Nerd noted that the trader retains 64.2 million BSHIB worth over $60K at press time.
Considering the leftover and the profits realized, the astute BSHIB investor has turned a mere $272 into a $146,000 fortune. This impressive achievement signifies a staggering 53,576% growth in less than four weeks.
Similar Cases
Meanwhile, this is not an isolated event. The Crypto Basic has narrated numerous accounts of smart traders on other networks who jumped on meme coins with a paltry sum and made fortunes a few days later.
One stand-out case involved a Solana trader who witnessed an astonishing 630,000% ROI from trading Dogwifhat (WIF), one of the most successful Solana meme coins.
Unlike the BSHIB trader, this WIF trader was more patient. In particular, he held the asset for more than three months. During this time, the coin gained more mass adoption and ultimately secured listing on prominent exchanges like Binance.
Meanwhile, these success stories around meme coins have raised skepticism that the supposed smart traders are insiders involved in the development of the tokens.
Amid the numerous rag-to-riches accounts with meme coins, some traders have not had them well. For instance, investor Edward Morra recently lamented losing about 98% of his fund 53 days after attempting to turn $1K into $1 million.
Read the full article here
