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 on Thursday.
In total, the unknown person has bought SHIB 44 times since August 2020 — with $3,200 as 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 $5.7b 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 capitalization of SHIB is now worth $40.3 billion. The asset’s mammoth 1,063% gain in value over the past 30 days has seen SHIB oust the beloved Dogecoin (DOGE) it was modeled on as a top 10-ranked coin.
At the time of writing, SHIB is currently ranked ninth, while DOGE is sitting at 11th 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 on Thursday, Cointelegraph’s market team reported on three reasons behind the bullish momentum of SHIB, pointing at an increase of user access via listings on multiple crypto exchanges, the launch of the Shiba Inu’s own nonfungible token project dubbed “Shiboshi’s,” and a surge in futures open interest 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.