A Shiba Inu (SHIB) whale, who made a whopping $145 million in 2021, is facing some serious losses. This whale, known for making big profits, recently lost $13.5 million on a series of risky meme coin trades.
The Whale’s Big Gamble
The whale’s biggest loss came from trading NEIRO, a meme coin that saw a huge price surge. The whale swapped $2.31 million worth of ETH for 2.86 billion NEIRO tokens, hoping to ride the wave of the coin’s popularity. However, the NEIRO price crashed by 50% soon after, wiping out a large chunk of the whale’s investment.
What Went Wrong?
The whale’s NEIRO trade was based on some promising factors:
- Binance Listing: The Binance exchange, a major cryptocurrency platform, announced it would list NEIRO, which caused a surge in its price.
- Tron Creator’s Endorsement: Justin Sun, the creator of the Tron blockchain, indirectly endorsed NEIRO, further boosting its popularity.
However, the sudden price pump and the whale’s large investment proved to be a risky gamble. The market can be unpredictable, and meme coins are particularly volatile.
Learning from the Whale’s Mistakes
While the whale’s losses are significant, they highlight the risks associated with meme coin trading. Even experienced investors can lose money if they don’t carefully consider the risks and potential downsides.
The whale also made a small profit from trading Fetch.ai (FET), but it wasn’t enough to offset the losses from the NEIRO trade. This shows that even with a diversified portfolio, there’s no guarantee of profits in the volatile crypto market.
The whale’s story serves as a reminder that even the most successful investors can make mistakes. It’s important to do your research, understand the risks, and never invest more than you can afford to lose.
