A SHIB hodler who spent $3,400 on the memecoin last August is currently a crypto billionaire from that purchase alone, with the quality gaining 94,278,239.8% over the past year.
An address with the foresight to get $3,400 price of Shiba Inu (SHIB) last August has seen the worth of the coins grow to a thumping $1.55 billion on Thursday.
In total, the unknown person has bought SHIB 44 times since August 2020 — with $3,200 because the largest purchase at anyone time — and their total holding of 70,200,003,107,594 SHIB is currently price $5.63 billion.
After the wallet address was shared on Twitter, user untraceable questioned whether or not the SHIB market was liquid enough to “absorb $5.7b if this wallet sells?”
According to Etherscan, the anonymous SHIB hodler purchased the dog-themed token on 9 occasions in August 2020, disbursement a complete of $3,400 price of Wrapped Ethereum (wETH) that month.
As the worth of SHIB has since gained over 94,278,239.8%% over the past year to sit down at $0.00008094 at the time of writing, the hodler has become a crypto wealthy person from their August purchases alone.
According to knowledge from CoinGecko, the whole capitalisation of SHIB is currently price $40.3 billion. The asset’s mammoth one,063% gain in price over the past 30 days has seen SHIB oust the beloved Dogecoin (DOGE) it absolutely was sculptured on as a prime 10-ranked coin.
At the time of writing, SHIB is currently ranked ninth, while DOGE is sitting at 11th with a market cap of $31.6 billion. The flippening of DOGE has sparked a new meme online in which people are calling Dogecoin a “boomer meme coin.”
Earlier on Thursday, Cointelegraph’s market team reported on three reasons behind the bullish momentum of SHIB, pointing at an increase of user access via listings on multiple crypto exchanges, the launch of the Shiba Inu’s own nonfungible token project dubbed “Shiboshi’s,” and a surge in futures open interest on multiple exchanges, including OKEx, FTX and Huobi.
(Brian Quarmby, Cointelegraph, 2021)