TL;DR
The cryptocurrency industry has attracted numerous people to join its ecosystem over the years due to the chance of making substantial profits. The Shib Magazine revealed one such wild story involving a Shiba Inu investor.
The team behind the memecoin project highlighted a particular trader who purchased $8,000 worth of SHIB in August 2020. Due to Shiba Inu’s colossal price appreciation in the following months, the investment was worth a whopping $5.7 billion in October 2021.
“This 85-million-percent leap, with SHIB erasing six zeros from its valuation, was later celebrated as the “greatest trade of all time,” the Shib Magazine added.
The mysterious trader sent trillions of Shiba Inu tokens to different wallets in November 2021 (by the time when the memecoin stood at its all-time high price).
Etherscan data shows that the investor still holds around 200 billion SHIB, equaling approximately $2 million (calculated at current rates).
The price of Shiba Inu has increased significantly, resonating with the bullish mode of the entire crypto market. The self-proclaimed Dogecoin-killer has spiked by almost 30% in the past two weeks, with some on-chain metrics indicating that a further increase could be in the cards.
According to data from CryptoQuant, Shiba Inu exchange outflows have significantly surpassed inflows in the last 24 hours. Such a shift toward self-custody methods could be viewed as bullish since it removes immediate selling pressure.
Another factor that might propel an additional SHIB rally could be the revival of the memecoin realm, where most tokens have charted substantial gains lately. Dogecoin (DOGE), Pepe Coin (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) are some of the best-performing ones.
As CryptoPotato recently reported, the Solana-based BONK tapped an all-time high, whereas its market capitalization surpassed $500 million.
Those willing to dive deeper into the topic and explore the different memecoins, their purposes, and specifics could take a look at our dedicated video below:
