Shiba Inu Bought for $3,400 by Unidentified Address Last Aug is Now Worth $1.55 billion
Last August, an address with the foresight to purchase $3,400 worth of Shiba Inu (SHIB) coins saw the value of the coins rise to a whopping $1.55 billion today. Overall, the unknown person has purchased SHIB 44 times since August 2020, with the largest single purchase totaling $3200. Their total holding of 70,200,003,107,594 SHIB is now valued at $5.63 billion, with the largest single purchase totaling $3200.
Users on Twitter questioned whether the SHIB market was liquid enough to “absorb $5.7 billion if this wallet sells?” after the wallet address was shared on the social media platform. In August 2020, the anonymous SHIB hodler purchased the dog-themed token on nine separate occasions, spending a total of $3,400 in Wrapped Ethereum (WETH) during that month, according to Etherscan data.
As the price of SHIB has risen by more than 94,278,239.8 percent over the past year to $0.00008094 at the time of writing, the hodler has become a crypto billionaire just from their purchases in August alone, according to CoinMarketCap. As of this writing, the total market capitalization of SHIB is worth $40.3 billion, according to data from CoinGecko.
So the question is, can the SHIB market absorb $5.7b if this wallet sells?
— ᴜɴᴛʀᴀᴄᴀᴇʙʟᴇ (@DontTraceMeBruh) October 27, 2021
Due to its massive 1063 percent increase in value over the past 30 days, SHIB has displaced Dogecoin (DOGE), the cryptocurrency on which it was based, as the top-ranked coin in the cryptocurrency market. SHIB is currently ranked ninth with a market capitalization of $31.6 billion, while DOGE is ranked eleventh with a market capitalization of $31.6 billion.
— Joe Weisenthal (@TheStalwart) October 27, 2021
In response to DOGE’s devaluation, a new meme has sprung up on the internet, in which people refer to Dogecoin as a “boomer meme coin.” Among the factors contributing to the bullish momentum of SHIB are the expansion of user access through listings on multiple cryptocurrency exchanges, the launch of the Shiba Inu’s own NFT project dubbed “Shiboshi’s,” and an increase in futures open interest (OI) on multiple exchanges, including OKEx, FTX, and Huobi, among others.
Is doge a boomer coin now?
— Mendo Midz (@MendoMidz) October 27, 2021
DOGE’s appreciation has lagged behind SHIB’s in recent months, with the elder memecoin gaining only 18.5 percent in the last 30 days to reach $0.23.