A Shiba Inu investor who bought $8,000 in the meme currency in August 2020 is now a cryptocurrency billionaire, as the meme coin has increased by 94,278,239.8% in the last year.
Last August, one address that had the foresight to buy $8,000 worth of Shiba Inu (SHIB) saw the value of the coins skyrocket to $5.7 billion at Shiba Inu’s all-time high of $0.00008845.
Shiba Inu flipped dogecoin and Polkadot’s DOT token in market cap in the early hours of today to capture the #8 most precious digital currency by market capitalization. Nevertheless, since the token price has retraced, it now sits at #10.
Following the release of the wallet address on Twitter, user “Untraceable” wondered whether the SHIB market was liquid enough to absorb $5.7 billion if this wallet sells?
Shiba Inu currently has a total market valuation of $38.9 billion, as per statistics from Coinmarketcap. The asset’s value has increased by 1063 percent in the last 30 days.
The rise in user access as an outcome of listings on numerous cryptocurrency exchanges is the cause behind Shiba Inu’s positive momentum. This, along with the development of the Shiba Inu’s own NFT project, branded “Shiboshi’s,” has added to the meme coin’s positive outlook.
The wallet address is 0x1406899696aDb2fA7a95eA68E80D4f9C82FCDeDd, which can be seen on Etherscan.
Although the meme coin market is on the rise, investors are recommended to proceed with care since these coins are very volatile and may result in a complete loss of an investor’s holdings.
The coin reached a record level of $0.00008845 only 5 hours ago, but it is now trading at $0.00006412, down 25% from that level.