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A Lucky Investment of $3,400 in Shiba Inu in August is now worth $1.55B

Dogecoin killer Shiba Inu

October 28, 2021

Reading Time: 2 minutes

The “Dogecoin Killer” Shiba Inu has recorded such incredible performance in the last couple of weeks. Once lucky, or rather a smart investor, must have seen this coming.

The unknown user account has bought SHIB 44 times since August 2020. Their highest purchase was SHIB, worth $3,400. The total SHIB holdings for this user are now 70,200,003,107,594.

According to the current price of Dogecoin’s rival SHIB of $0.000072, the investment is now worth $5.05 billion. The gain for this lucky trader is by over 1000%, making him a billionaire.

Is the Meme Coin Shiba Inu Market Liquid Enough to Absorb $5.05 Billion? 

Despite the tremendous materialization of the gain, the anonymous user may need to hold off his excitement for now. Twitter user “Untraceable” raised a critical question of whether the Dogecoin rival’s SHIB market was liquid enough to absorb the billions of dollars the lucky trader should get from selling their holding.

Currently, the “Dogecoin Killer” Shiba Inu has a market capitalization of $42.562 billion. The meme coin Shiba Inu has beaten its rival coins Dogecoin, XRP, and Polkadot, to be the seventh-largest cryptocurrency. 

Shiba Inu Outperforms Rival Dogecoin

Started as a mockery of Dogecoin, Shiba Inu is no longer a joke in these crypto streets, having hit all-time highs several times in the last two weeks. It is living up to its website’s description that refers to it as the “decentralized meme token that has evolved into a vibrant ecosystem.”

Apart from Shiba Inu, other coins that hold the dog-themed branding as Dogecoin are Floki Inu, Doge Dash, and Dogelon Mars. However, none of them have proved to be a threat to Dogecoin the way Shiba Inu has.

Additionally, as the top ten players are all shedding value, Dogecoin killer Shiba Inu continues to gain momentum as the days unfold. Leading cryptocurrency Bitcoin had an upward trend a little on Thursday but still did not reach last week’s record high.

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