Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

Discussion in 'Crypto Assets' started by johnarb, Oct 27, 2021.

  1. johnarb



    Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion
    A SHIB hodler who spent $3,400 on the memecoin last August is now a crypto billionaire from that purchase alone, with the asset gaining 94278239.8%% over the past year.

    An address with the foresight to purchase $3,400 worth of Shiba Inu (SHIB) last August has seen the value of the coins grow to a whopping $1.55 billion today.

    In total the unknown person has bought SHIB 44 times since August 2020 — with $3200 the largest purchase at any one time — and their total holding of 70,200,003,107,594 SHIB is now worth $5.63 billion.

    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?”

    According to Etherscan, the anonymous SHIB hodler purchased the dog-themed token on nine occasions in August 2020, spending a total of $3,400 worth of Wrapped Ethereum (WETH) that month.

    As the price of SHIB has since gained more than 94,278,239.8%% over the past year to sit at $0.00008094 at the time of writing, the hodler has become a crypto billionaire from their August purchases alone.

    According to data from CoinGecko, the total market cap of SHIB is now worth $40.3 billion. The asset’s mammoth 1063% gain in value over the past 30 days has seen SHIB oust the beloved Dogecoin (DOGE) it was modeled on as a top ten ranked coin.

    At the time of writing, SHIB is currently ranked ninth with, while DOGE is sitting at eleventh with a market cap of $31.6 billion. The flippening of DOGE has sparked a new meme online in which people are calling Dogecoin a “boomer meme coin.”

    Earlier today Cointelegraph’s market team reported on three reasons behind the bullish momentum of SHIB, pointing towards an increase of user access via listings on multiple crypto exchanges, the launch of the Shiba Inu’s own NFT project dubbed “Shiboshi’s,” and surge in futures open interest (OI) on multiple exchanges including OKEx, FTX and Huobi.

    While SHIB has seen a meteoric rise of late, DOGE’s appreciation fails to match up in comparison, with the elder memecoin gaining a mere 18.5% over the past 30 days to sit at $0.23.
  2. NoahA


    The funny thing is that there is some development going on now. Usually the road seems to first be a coin is launch, and then its rise in market cap is the result of proven utility and development. With Shiba, it seems to be the other way around. It pops onto the scene, and now that its so popular, they are starting development on it.

    I don't know about the underlying parameters of this blockchain and what can be done with it, but I wouldn't be surprised to see this turn into a winner of some sort. Its like in Hollywood, some people take decades building their career until they are finally lucky to land a breakthrough role, while others get lucky on their first time on set.
  3. Only in crypto.
    johnarb likes this.
  4. johnarb


    Trader Curt and vanzandt like this.
  5. virtusa


    Just to bring that story in the right proportions:

    The article says:In total the unknown person has bought SHIB 44 times since August 2020, with $3200 the largest purchase at any one time, and their total holding of 70,200,003,107,594 SHIB is now worth $5.63 billion.

    • ONE person was able to take that position, so 99.9999% of the crypto fans missed it. It was pure luck. A gamble.
    • Since the top that was made today, so in less than 24 hours, the value went down already 35 % to the low till now. So he/she "lost" already about $1.6 billion.
    • The average volume the last 30 days was 7.3 billion, which means that the man/woman needs 9,602 days at the same price level to sell his/her coins.That's more than 26 YEARS.
    • If we take the average volume of the last three months the man/woman needs 60,670 days at the same price level to sell his/her coins. That's more than 166 YEARS.

    Conclusion: this billionaire might even have problems to stay millionaire after selling all his/her coins. Better play Powerball or any other lottery.

    It is clear how crypto fans try to convince the dumb and blind ones to invest in crypto's. It is just pump and dump. It is a new variant of the pump and dump of penny stocks.

    I always say: don't calculate yourself rich, wait till the money is in the bank (in this case: coins sold for fiat currencies).
    d08, albion, Raheel Shaikh and 2 others like this.
  6. johnarb


    I see virtusa-is-a-liar is posting idiotic stuff he knows nothing about. Typical salty no-coiner. BWAHAHAHAHHAHAHA

    Hey virtusa-is-a-liar, do some research, will you? 24-hour volume on Shib is $42 Billion, on Coinbase alone it's $4 B and it's not the top exchange for Shib, that would be Binance

    virtusa-is-a-liar, why don't you show us a screenshot of your trading account like you claim how profitable your are for the past 20 years? You can't? Coz you're a fucking loser, shithead :D
    Trader Curt likes this.
  7. Gotta feel sorry for these coiners... "only 18% in a month". :(

    Perhaps someone should start a Go Fund Me for them.
    p0box4 likes this.
  8. Sure I saw something similar yesterday as $8000 worth back in August last year and it's now worth like nearly $4bn
    johnarb likes this.
  9. cyrpto is a perfect casino that involves whole world into this game. In human history, there has never been a gamble like this. dutch tulip mania, or the British South Sea Company, was localized and very few people participated. even if block chain technology may find its usage in the future, it has nothing to do with those coins.
    Last edited: Oct 28, 2021
    Snuskpelle and Laissez Faire like this.
  10. VicBee


    With fractional and commission free shares popularized by Robinhood, ad paid media communication from YouTube, Tik Tok, Discord and the likes, paid gamers, crypto and NFTs traders,... I wonder how many millionaires or billionaires, how many $100k-$500k, and how many $50k to $100k people these vehicles have produced.
    I know there were none 20 years ago and probably very few even 10 years ago and I'm pretty sure that 95+% are under 40 years old. I'd bet in the US alone there are enough to skew plenty of established economic data, from inflation measurement, unemployment figures or tax revenue. And these are direct cause consequence correlation, but how that influences generational evolution isn't even clearly analyzed. My teenage kid talks of these mediums as if they are as valid as any employment, much like kids probably did 30 years ago with sports. How do you tell a kid to go to college when their 7 hours a day media consumption shows them how to become instantly wealthy?
    #10     Oct 28, 2021
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