Last August, a wallet address acquired $3,400 worth of Shiba Inu (SHIB). The value of the coins bought has since skyrocketed to an incredible $1.55 billion.
Overall, the unknown individual has purchased SHIB 44 times since August 2020, with $3,200 as the biggest purchase at any one time. Their overall holding of 70,200,003,107,594 SHIB is now worth $5.63 billion.
After the wallet address was shared on Twitter, customer Untraceable challenged whether the SHIB market was liquid enough to “absorb $5.7 billion if this wallet sells?”
According to Etherscan, the anonymous SHIB hodler bought the dog-themed token nine different times in August 2020, spending a total of $3,400 worth of Wrapped Ethereum (wETH) that month.
The cost of SHIB has increased more than 94,278,239.8%% in the past year to settle at $0.00008094. The hodler has grown into a billionaire as a result of their August crypto purchases alone.
According to CoinGecko, the general market capitalization of SHIB is currently worth $40.3 billion. Over the past month, the property’s huge 1,063% price gain has seen SHIB oust Dogecoin it was modeled after as a top 10-ranked coin.
— Joe Weisenthal (@TheStalwart) October 27, 2021
SHIB presently ranks 9th, while DOGE is 11th, with a market cap of $31.6 billion. The flip of DOGE has triggered a new meme in which individuals call Dogecoin a “boomer meme coin.”
On Thursday, Cointelegraph’s market team described three factors for the bullish momentum of SHIB. First, a boost of user accessibility by way of listings on multiple crypto exchanges. Second, the launch of Shiba Inu’s nonfungible token project, “Shiboshi’s.” Third, a rise in futures increasing interest on multiple exchanges, including FTX, Huobi, and OKEx.
While SHIB has glimpsed a speedy price increase of late, DOGE’s rise falls short in contrast. The older memecoin only gained a mere 18.5% over the past month, stopping at $0.23.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.