About 400 days ago, an anonymous crypto investor purchased about $8,000 worth of the memecoin Shiba Inu (SHIB).
The return on that investment? The lucky trader’s SHIB is now worth more than $4.45 billion.
The business media company Morning Brew first reported on the jaw-dropping trade earlier this week, right as SHIB was blasting off to its all-time high. At that point, the investor’s Shiba Inu stockpile was worth $5.7 billion.
This wallet bought roughly $8,000 of $SHIB last August.
It's now worth $5.7 billion.
From $8,000 to $5.7 billion in roughly 400 days.
We may actually be looking at the greatest individual trade of all time. pic.twitter.com/LtdgQ83bKP
— Morning Brew ?? (@MorningBrew) October 27, 2021
SHIB is trading at $0.00006348 at time of writing, down 26.3% from its all-time high on Wednesday, according to CoinGecko. The Ethereum-based memecoin is still up a whopping 80,364,512.2% in the past year.
Blockchain analytics firm IntoTheBlock notes that 36 addresses hold 80% of SHIB’s circulating supply.
People were amazed by the recent #SHIBA rally and the address that holds >$5.7b.
Excluding the burning address and exchanges, looks like there are some other big winners as well.https://t.co/gj08RM6vVM pic.twitter.com/cpOhlaufQ1
— IntoTheBlock (@intotheblock) October 27, 2021
Clarification on this.
The 41% address is used for burning.
— IntoTheBlock (@intotheblock) October 27, 2021
SHIB received a boost last month when Coinbase added support for the memecoin across all platforms. Earlier this month, Tesla CEO Elon Musk tweeted a photo of his Shiba Inu puppy, igniting another rally for the token.
Musk clarified earlier this week that he doesn’t actually own any SHIB, but that didn’t slow down the asset’s rally. While surging to its all-time high, Shiba Inu briefly leapfrogged its more well-known competitor, Dogecoin (DOGE) in the crypto market-cap rankings.
DOGE has since moved back into the 9th spot overall, with SHIB in 10th, according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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