Shiba Inu gave its hodler $1.55 billion of profit

It is so magical to get rich overnight. luckily, this was a dream come true for a SHIB hodler although it took more than a year.

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With only a $3,400 investment in SHIB, an anonymous Shiba Inu fan managed to make $1.55 billion. This lucky user made this purchase last year in August and now it has given over 94,278,239.8% over the past year.

This person did not buy all the 70,200,003,107,594 SHIB at once. Since August 2020, it took 44 purchases to get all the SHIB the user wished to have and $3,200 was the biggest purchase made. It must be said that all their SHIB holding so far is worth $5.63 billion now.

A user called Untraceable shared the address of this wallet on his Twitter and raised a question expressing their concern regarding the liquidity of the SHIB market. In fact, the user said; "Can the SHIB market absorb $5.7b if this wallet sells?"

xxxxxxxxxaaaaaaaaaaaaaaaaaaaadgggggggggggggggggggggggggg.png Source : Twitter

The wallet owner spent Wrapped Ethereum to buy SHIB nine times in August 2020, according to data from Etherscan:

The market cap of SHIB is $40.3 billion now according to Coingecko and due to the huge 1,063% gain over the last month, SHIB was placed higher than DOGE, having expelled the ex-favorite memecoin from the top 10 cryptocurrencies by market cap, says another Twitter user.

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Source; Twitter

Flipping DOGE, now SHIB is ranked ninth while DOGE came in 11th. Also, the market cap of DOGE is significantly lower than SHIB, $31.6 billion.

But why did SHIB rise so much in value?

One reason is that the coin was listed on several crypto exchanges. Another important factor was that SHIB launched its native NFT project "Shiboshi’s". The last contributing factor is the increase in futures open interest on several exchanges, such as Huobi, FTX, and OKEx.

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Shiba Inu

Dogecoin

Tags

Shiba Inu

Dogecoin