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.

Share

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.

12.png

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.

Categories

Cryptocurrency(5)

Latest News

$150 million in USDT was frozen by Tether

A rationale for blacklisting three addresses has not been given by Tether, although it has done so in the past to cooperate with law enforcement and help exchan ...

JAN 14, 2022

Pakistanis have $20 billion in crypto assets

The local association chief said that Pakistanis have $20 billion in crypto assets, and they need to set up a policy for that. ...

DEC 22, 2021

With many parachain deployments, Polkadot anticipates disrupting Web 3.0.

Parachains have been among the greatest achievements of Polkadot and it took Polkadot five years to build them which were auctioned off to teams. ...

DEC 19, 2021

Reddit will go public

Internet forum Reddit Social network announced its plans of going public and it is filing for an IPO. ...

DEC 17, 2021

Tags

Shiba Inu

Dogecoin

Tags

Shiba Inu

Dogecoin