A forward-looking address Shiba Inu bought for $ 3,400 last August has seen its value rise to a whopping $ 1.55 billion today.

In total, an unidentified person has bought SHIB 44 times since August 2020 – the largest purchase at any point in time being $ 3,200 – and the total inventory of coins is 70,200,003,107,594 SHIB, currently valued at $ 5.63 billion Dollar.

After the wallet address was shared on Twitter, the user was “Untraceable” Ask a question Will the SHIB market be liquid enough to “absorb $ 5.7 billion if this wallet is sold out?”

According to Etherscan, the anonymous SHIB hodler bought the meme coin nine times in August 2020 and spent a total of $ 3,400 in WETH that month.

With the price of SHIB rising more than 94,278,239.8 %% to ATH $ 0.00008094 at press time last year, the Hodler became a crypto billionaire just through his August purchases.

SHIB / USDT. Source: TradingView

According to data from CoinGecko, SHIB’s total market cap is currently $ 40.3 billion. The asset’s massive 1063 percent increase in value over the past 30 days has caused SHIB DOGE to tumble to 10th place.

At the time of this writing, SHIB currently ranks 9th and DOGE 11th with a market cap of $ 31.6 billion. DOGE’s volatility has sparked a new meme on the network with many people referring to Dogecoin as “Boomercoin”.

Bitcoin Magazine previously reported on three reasons for SHIB’s price rally: increased user access through listings on several crypto exchanges, the introduction of Shiba Inu’s own NFT project called “Shiboshi’s” and an increase in open interest for futures on several exchanges, including OKEx, FTX, and Huobi.

While SHIB has seen an unusual increase so far, DOGE’s price increase cannot keep up as it has only increased by 18.5% in the last 30 days.

DOGE / USDT. Source: TradingView

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page