59.8 F
New York
Saturday, October 1, 2022

A crypto wallet shows an investor made an $8,000 shiba inu coin purchase last year. Today it is worth $5.7 billion. | Currency News | Financial and Business News

  • A crypto investor bought about $8,000 worth of shiba inu coins in August of 2020.
  • Just over a year later, the $8,000 trade has morphed into a value of about $5.7 billion.
  • Shiba inu coin is up more than 7 million percent since its debut in August 2020.

In what’s being dubbed the greatest individual trade of all time, a crypto investor turned about $8,000 into about $5.7 billion by buying trillions of shiba inu coin shortly after it debuted.

The series of trades began in August of 2020, when the investor bought about 70 trillion shiba inu coins, according to its associated crypto wallet. Shiba inu coins began trading on August 1, 2020, and the investor took note that day and made their first shiba inu purchase, buying some 70 billion coins.

Around the time of the investor’s $8,000 purchase, shiba inu coins were trading around .000000000189. Today, the cryptocurrency is trading around .00007941, representing a swift 14-month gain of more than 7 million percent.

The crypto wallet now owns more than 13% of the total supply of shiba inu coin, which has a total circulating supply of 549 trillion coins, according to CoinMarketCap.

Shiba inu’s unlikely rise has catapulted the meme-inspired cryptocurrency to a total market valuation of nearly $45 billion, eclipsing dogecoin and becoming the 9th most valuable cryptocurrency as of Thursday morning.

The move higher has been a head scratcher for many investors that see shiba inu coin as nothing more than a joke, based on another joke cryptocurrency known as dogecoin, which itself was created to make fun of other cryptocurrencies like bitcoin and ether.

Whether the 70 trillion shiba inu coin holder will be able to liquidate their holdings without tanking the price remains to be seen, but for now, they’re hodling.

Read more: A 25-year technical strategy veteran shares 5 altcoins near or at 52-week highs that are about to break out – and explains why the 4th quarter is ‘a very positive time’ for bitcoin


Related Articles

Latest Articles