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A small investor who bought $ 8,000 a year ago of a meme cryptocurrency became a billionaire

Shiba Inu
Shiba Inu

An anonymous investor invested $ 8,000 in Shiba Inu a little over a year ago, before it became one of the 10 largest cryptocurrencies in the world today. Today, it owns the equivalent of USD 5.7 billion in the SHIB token. With the explosive rise of the cryptocurrency meme from August of last year to today, the investor became a billionaire.

The coin is another ‘meme-based’ currency similar to Dogecoin that has been pioneered by the billionaire CEO of Tesla and SpaceX, Elon Musk; its rise comes amid rapid growth in the value of various new cryptocurrencies. One of the biggest jumps in the price of SHIB occurred last month, when it rose more than a thousand percent, multiplying its value by ten in less than 30 days.

The value of Dogecoin has risen 11 thousand percent in a year after it was heavily promoted by Musk, who also recently tweeted that he does not own any Shiba Inu, apparently leading to a drop in the value of Shiba, which it eventually surpassed. Dogecoin in value temporarily, but is now 1 position below.

The owner of the 5.7 billion Shiba Inu was detected by the specialized medium Cointelegraph, based on the public data of his wallet that is listed on the Etherscan site. The wallet exists and its holdings as well. The user, however, is anonymous.

The absent-minded investor or collector could have trouble selling his stake without the value of the coin plummeting because he controls 17 percent of the total SHIB in circulation. The value of cryptocurrencies is based on supply and demand, which means that if the offer for the sale of tokens of this investor grows greatly, the price of Shiba Inu could plummet.

Elon musk
Elon musk

The price of Shiba Inu soared about 150 percent last week, surpassing Dogecoin to become the world’s No. 8 cryptocurrency, with a capitalization of more than $ 42 billion. Although a few days later, its price fell approximately 25 percent, and currently its market value is 35 billion dollars, ranking number 10 in cryptocurrencies.

Rick meckler, a partner at Cherry Lane Investments in New Vernon, NJ, said: “It seems driven by fashion buyers hoping to get in now and switch later to what will have to be a new set of buyers at even higher prices,” adding : “This brings it closer to a collectible market than a forex market, and as such, determining value with traditional analysis seems impossible.”

Sergio turi, CEO of Investments in the world, told Infobae: “Shiba Inu is currently having a small setback, logical for the strong upward trend that it had been having. The price seems to be piling up, which means it could get a new take off soon. If the pattern you are generating today were executed correctly, the price could go up an extra 100 percent before the end of the year. “

SHIB, is a token very similar to Dogecoin. Both were created as a “joke”, and are known as “memecoin”, although today they are considered more serious cryptocurrencies for many, and currently they are not only some of the most popular, but they are also leading the ranking in size.

The gigantic growth of Shiba Inu may be due to the general cryptocurrency boom, in the context that the United States has not yet made progress in its regulation, as China has done, that large investors and entrepreneurs such as George soros and Elon Musk have shown their interest, and that the first investment fund linked to cryptocurrencies, called ProShares Bitcoin Strategy, which is listed on the New York Stock Exchange, has been created.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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