A cryptocurrency whale has made a staggering $250,000 in just one day with SHIB2.0, a clone of the popular meme coin Shiba Inu (SHIB).
It should be noted, however, that such memecoins, and especially their imitations, do not carry any intrinsic value and are highly speculative assets.
According to the transaction history of the wallet address, the whale bought the SHIB2.0 very early before its price went up and sold it to make a profit five times faster after the first pump.
The same whale has also managed to profit from two other memecoin-themed altcoins, PEPE2.0 and DOGE2.0, which have gained traction recently.
Meanwhile, another trader, identified by wallet address 0xe28, made bullish investments in the two largest cryptocurrencies by market cap, Ethereum (ETH) and Bitcoin (BTC).
The trader recently opened two long positions on ETH and BTC using 10x and 20x leverage respectively. The investor invested $606,700 in ETH with an entry price of $1,870 and $187,000 in ETH and an entry price of $30,335. Investor positions will be liquidated if ETH falls below $1,703 or BTC $29.152.
Interestingly, the trader closed two long positions in ETH and BTC that he opened a month ago, making a profit of $219,300 yesterday.
These last two gains put his total profits since February to $841,300 and his earnings ratio to 77.78%.
*Not investment advice.