A SHIB holder who spent $3400 on a meme coin becomes a crypto billionaire
A crypto billionaire has emerged from a SHIB holder who spent $3,400 on the meme coin last August. The asset has gained 94278239.8% over the past year.
The value of Shiba Inu (SHIB) coins purchased for $3,400 in August has surged to $1.55 billion today. Since August 2020, the anonymous person has purchased SHIB 44 times, with $3200 as the largest single purchase, and their total holding of 70,200,003,107,594 SHIB is currently valued at $5.63 billion.
Following the public disclosure of the wallet address on Twitter, user "Untraceable" wondered if the SHIB market was liquid enough to "absorb $5.7 billion if this wallet sells?"
According to Etherscan, the anonymous SHIB holder bought the dog-themed token nine times in August 2020, spending $3,400 in Wrapped Ethereum (wETH).
The holder has become a crypto billionaire from their August purchases alone, as the price of SHIB has increased more than 94,278,239.8% over the last year to settle at $0.00008094.
Shib’s total market capitalization is now $40.3 billion, according to the data. SHIB has surpassed the admired Dogecoin (DOGE) as a top 10-ranked coin, due to its massive 1,063% growth in value over the past 30 days.
SHIB is now ranked ninth, while DOGE is ranked eleventh with a market cap of $31.6 billion. Dogecoin has been termed a "boomer meme coin" as a result of its flipping.
The three reasons for SHIB's bullish momentum, which include increased user access through listings on several crypto exchanges, the release of the Shiba Inu's own NFT project named "Shiboshi's," and a rise in futures open interest (OI) on multiple exchanges including OKEx, FTX, and Huobi.
Though SHIB has witnessed a spectacular rise in recent months, DOGE's valuation has lagged, with the elder meme coin gaining only 18.5% in the last 30 days to $0.23.