Smart trader Dumps Shiba Inu (SHIB) For Ethereum (ETH) and This Other Meme Coin

March 21, 2024

According to on-chain analytics firm Spotonchain, a trader labeled “Smart Trader PEPE and FLOKI 0x522” has executed a strategic repositioning of their cryptocurrency holdings. In a series of transactions on March 21, 2024, the trader divested a substantial amount of Shiba Inu (SHIB) tokens while simultaneously acquiring Ethereum (ETH) and Pepe (PEPE) coins.

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Trade Details and Asset Movements

The trader initiated the portfolio rebalancing by depositing 42.08 billion SHIB tokens, valued at approximately $1.12 million at the time of the transaction, into their Binance account. Subsequently, they withdrew 100 billion PEPE tokens, worth around $813,000, and 64 ETH, valued at $224,000, from the same exchange.

This strategic move marks the culmination of the trader’s third trade involving SHIB. Overall, the investor has amassed an estimated total profit of $447,000 from trading SHIB, with a win rate of 66.67%. Notably, their latest SHIB trade, spanning from February 15, 2023, to March 21, 2024, yielded a substantial gain of $596,000, representing an 83.7% increase.

Moreover, the trader’s involvement with PEPE has proven equally fruitful. While an initial trade in May 2023 resulted in an estimated loss of $30,600, the ongoing second trade has generated a profit of $4.27 million, with 300 billion PEPE tokens, worth approximately $2.46 million, still held in the trader’s wallet.

Market Dynamics and Price Movements

Coinciding with the trader’s strategic shift, the prices of PEPE and SHIB experienced notable upswings in the 24 hours preceding the transactions. PEPE surged by 20.6%, while SHIB saw an 11.48% increase, according to data from Spotonchain at the time of the transactions.

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Furthermore, the latest price statistics from CoinGecko reveal that Ethereum (ETH) is currently trading at $3,541.66, representing a 6.32% price increase over the past 24 hours. Pepe (PEPE) is valued at $0.058209, reflecting a 9.91% price surge, while Shiba Inu (SHIB) is priced at $0.00002731, marking a 5.00% increase.

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