A wallet containing 70,200,003,182,169 (70 trillion) Shiba has netted the collector a truly ridiculous return on investment following a spate of purchases made last year.
It’s estimated that the buyer purchased around 38 ETH – valued at $13k back then – worth of Shiba between August to October last year in a number of purchases of the now-infamous meme coin.
Now, after around 400 days, the wallet has now appreciated to an eye-watering $5bn valuation (yes, five billion dollars).
Even more astonishing is the return on investment the holder has made on their purchases- an estimated 38461400% (38.4m) increase.
However, it’s not all good news for the holder.
It would be a cruel twist of fate if the holder couldn’t access the funds anymore considering their conviction during last year’s market downturn.
Now that Shiba has come back into the limelight, it will be interesting to see if the holder reappears and completes what many are calling “the greatest trade of all time.”
Shiba’s time to shine
Then, a flurry of new capital quickly entered the market and sent the price parabolic following market-leading spot volume across all major exchanges.
The introduction of derivatives products on exchanges like Binance, FTX and OKEx also led to incredible amounts of interest in riding the wave of euphoria.
Shiba’s price did briefly take a hit when Elon Musk revealed he owns no Shiba – crashing the price by an estimated 15%.
However, it didn’t stop the now rampant ‘Shiba Army’ from sending the asset into the top 10 of the market rankings with a now $36bn market cap and doing the unthinkable – flipping Dogecoin.
I’m going crazy. pic.twitter.com/LU3XWkVENd
— ShibApologist.eth | #IamRyoshi (@MagicInternetM6) October 27, 2021
The ‘New kid on the block’ even, temporarily, flipped its ‘big brother’ Dogecoin in market cap when it reached an all-time high of $0.00008616 last night, which is quite incredible considering the tender age and maturity of Shiba as a token.
Now, as the two big dogs battle it out, only the markets and the frenzied euphoria of investors can decide which one will come out on top.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.