Trader Pockets 1,393% Profit in Minutes on Shiba Inu Imitator After Vitalik Buterin Triggers Arbitrage Opportunity

Trader Pockets 1,393% Profit in Minutes on Shiba Inu Imitator After Vitalik Buterin Triggers Arbitrage Opportunity


A blockchain-tracking platform says that one trader has netted more than 1,300% profit on a Shiba Inu (SHIB) imitator.

According to Lookonchain, when Ethereum (ETH) founder Vitalik Buterin sold Shikoku (SHIK) this week, the transaction triggered an arbitrage opportunity.

“Due to Vitalik Buterin selling SHIK yesterday, a SmartMoney made ~96ETH ($150,000) with 14 ETH on SHIK, and an arbitrageur made 89.6 ETH ($140,000) with six ETH on SHIK.

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How did they do it?”

Source: Lookonchain/Twitter

The blockchain-tracking platform says the arbitrage moment was created when Butern’s SHIK selling caused the meme token to plummet in price. Arbitrage trading is when an investor takes advantage of the difference in an asset’s price in varying markets, pocketing the discrepancy.

“The price of SHIK plummeted nearly 80%

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