An investor who bet $8,000 in the meme-inspired cryptocurrency Shiba Inu ($SHIB) may have pulled off what is being called one of the greatest trades of all time, as the coins they purchased are now worth over $5.7 billion.
As reported by Business Insider, the trader first invested in the meme-inspired cryptocurrency back in August of 2020, buying up 70 trillion SHIB when it was trading at $0.000000000189 a coin. The investors kept accumulating SHIB initially, and the coins are now worth over $5.7 billion.
Shiba Inu’s price, as CryptoGlobe has been reporting, exploded in the last few months to the point it has become the third-most Googled cryptocurrency so far this year. A study has shown Shiba Inu received 2.8 million searches on average per month so far this year, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.
SHIB is at press time trading at $0.00007911 according to CryptoCompare data, representing a gain of well over 7 million percent in a 14-month period. In the last 30 days alone, the cryptocurrency is up over 900%.
The cryptocurrency wallet now holds a significant supply of Shiba Inu’s circulating supply. SHIB now has a market capitalization of $42.6 billion and recently surpassed Polkadot’s $42.2 billion to become the eight-largest cryptoassets by market capitalization.
Its rival Dogecoin, which is up over 20% in the last 24-hour period, has a market capitalization of around $40 billion. The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin how much SHIB Musk was holding. Musk revealed he only hold BTC, ETH, and DOGE.
As CryptoGlboe reported, digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
The firm pointed out that from April to May of this year and in early September dog coins were “all the rage and quickly crated as crypto markets cooled off or saw a fairly deep de-leveraging.”
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