SHIB Investor Who Turned $8K into $5.7B

The surging Shiba Inu coin SHIB has continued its astronomical ascent in crypto markets, hitting one all time high after another. The most recent records it has notched place it amongst the top ten cryptocurrencies around the world.

But the small coin is not all just minor gains: Shiba recently made head-spinning headlines when it was revealed that an early investor had managed to turn a meager $8,000 into an unfathomable $5.7 billion.

In what is being hailed as one of the “greatest individual trades of all time,” analysis of on-chain data revealed that a digital wallet had acquired SHIB in August of 2020 when it was trading at $0.000000000189 a coin. As of November 4, 2021, SHIB is now trading at $0.0000651 translating into an incredible gain.

According to data from Ethereum blockchain explorer Etherscan, the investor has since started moving the SHIB into various different wallets, each with tens of trillions of SHIB.

Despite the fact that it was dismissed as a second tier coin for quite some time, crypto traders began taking this currency seriously when it managed to grow 45 million percent in one year. Dubbed the “Dogecoin killer” by its supporters, this small but mighty memecoin has grown beyond any expectation, surpassing the most traditional cryptocurrencies in terms of growth and even rivaling that of Ethereum in terms of trading volume.

Just last week, Tesla/SpaceX founder and CEO Elon Musk stirred the crypto market by revealing the three coins he owns (Bitcoin, Ether, and Dogecoin). Many had previously thought that the tech mogul was a proponent of SHIB considering his previous impacts on the coin and its surge. Weeks prior, Musk tweeted a photo of his Shiba Inu puppy Floki, which many construed to be a vote of confidence for the SHIB currency. At the time, this helped catapult the SHIB coin upwards by more than 50%. Though some thought that Musk’s now reversal on this endorsement would negatively affect the coin, the SHIB token managed to surge to a new all-time high despite the snub.

The coin was also propelled upwards when a petition with over 400,000 signatures urged the popular trading app Robinhood to list the Shiba Inu Coin on its platforms similar to SHIB’s recent listing on Binance. Fueled by the excitement surrounding this petition, the coin surged nearly 300%. The petition cited Dogecoin’s success on trading platforms as a reference point, describing Shiba Inu as a “similar meme coin with genuine potential”.

It is clear that at least for now, cryptocurrency has gone to the canines.

For more on the astronomical rise of altcoins, check out this video below.

Each week, we compile the most important stories to shed light on crypto investment opportunities. Sign up for our newsletter and stay up to date on the latest happenings in the market!

Ether Jumps to Record High, Up More Than 1,000%