CryptocurrenciesShiba holder Bought $8,000 worth of SHIB in August 2020 now Worth $5.7 billion

The reason behind the bullish momentum of Shiba Inu, is as a result of an increase of user access via listings on multiple crypto exchanges
Shiba Inu [Getty]

A Shiba Inu hodler who spent $8,000 on the meme coin in August 2020, is now a crypto billionaire, as the meme coin has gained 94,278,239.8% over the past year.

An address with the foresight to purchase $8,000 worth of Shiba Inu (SHIB) last August has seen the value of the coins grow to a whopping $5.7 billion at Shiba Inu’s all-time high of $0.00008845.

In the early hours of today, SHIB flipped dogecoin and Polkadot’s DOT token in market capitalization to claim the #8 most valuable cryptocurrency by market capitalization. It however currently stands at #10 as the token price has retraced.

After the wallet address was shared on Twitter, user “Untraceable” questioned whether the SHIB market was liquid enough to “absorb $5.7 billion if this wallet sells?”

Also Read: Bitcoin Hits a New All Time High Above $66K After Successful Launch of U.S ETF

According to data from Coinmarketcap, the total market capitalization of Shiba Inu is now worth $38.9 billion. The asset’s mammoth 1063% gain in value over the past 30 days.

The reason behind the bullish momentum of Shiba Inu, is as a result of an increase of user access via listings on multiple crypto exchanges. This and the launch of the coin’s own NFT project dubbed “Shiboshi’s,” have contributed to the bullish stance of the price of the meme coin.

The wallet address can be viewed on Etherscan with address: 0x1406899696aDb2fA7a95eA68E80D4f9C82FCDeDd.

Although there is a rally in the meme coin industry, investors are advised to invest with extreme caution as these coins are very volatile and could result in the total loss of an investor’s portfolio.

The token hit an all-time high of $0.00008845, just 5 hours ago but its however down 30% from that price, as it currently trades $0.00005700 as of the time of the release of this article.

Shiba Inu Chart
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                                                                                Shiba Inu [SHIB] one-year technical performance chart.

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