A well-known Shiba Inu (SHIB) whale, who gained $145 million from trading SHIB in 2021, is now facing significant losses following a series of high-risk bets.
On September 18, Spot On Chain revealed that the whale traded 1,003 ETH (worth $2.31 million) for 2.86 billion NEIRO tokens, owing to NEIRO’s recent increase.
However, two of the whale’s recent trades, including one NEIRO swap and a SHIB trade, resulted in a loss of $13.48 million. One of the trades failed as NEIRO’s value fell by 50% this week, indicating a significant turnaround for the whale.
Earlier this week, the price of NEIRO increased by more than 1,620%, owing to a stunning endorsement from Tron founder Justin Sun and Binance’s announcement to include NEIRO on its platform.
NEIRO’s market capitalization grew from $12 million to $350 million in less than a day, attracting major investors such as the whale. Despite the significant loss on the NEIRO deal, the whale made a minor profit in another move, trading SHIB for Fetch.ai (FET) and generating an unrealized gain of $715,000, or a 20.7% return.
