- One early investor in Shiba Inu has had his or her $8,000 investment grow to more than $5 billion.
- But because his or her wallet has been inactive for more than 200 days, people aren’t sure if he or she is able to cash in.
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In what might be the greatest individual trade of all-time, one cryptocurrency investor has turned an $8,000 purchase into more than $5,000,000,000. However, the investor might not be able to cash in on his investment.
Roughly 400 days ago, in August of 2020, one individual purchased about $8,000 worth of Shiba Inu. The decentralized cryptocurrency was created in that same month and its value has skyrocketed.
Over the course of the last 14 months, this one investor’s wallet has multiplied in value by 712,500 times his or her original investment and is now worth $5,712,184,031,11. Insane.
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
If you are unfamiliar with Shiba Inu, here is the gist:
After Bitcoin started to gain traction in the early 2010s, a few developers launched Dogecoin in 2013. It was a meme-inspired currency that poked fun at people who would not stop talking about Bitcoin.
Bitcoin boomed not long thereafter, but crashed in 2018. Since then, nearly every form of cryptocurrency has taken off and we are currently in the midst of a crypto boom.
Well, earlier this year, Dogecoin quickly became valuable when the meme community pumped a lot of money into the coin. Although it started as a joke, it quickly became too big to ignore and “Normies’ started getting in on the action.
However, as Dogecoin started to gain value, in August of 2020, an anonymous person or persons known as “Ryoshi” created Shiba Inu. Shiba Inu is the breed of dog that is depicted on Dogecoin’s symbol.
Because of its decentralized nature (you don’t have to use Coinbase, Robinhood or a third-party platform to control it), it was dubbed the “Dodgecoin killer.”
It was at that time that the investor got in on the market at $8,000. Since then, Shiba Inu has blown up for similar reasons as Dogecoin.
The whole thing started primarily as a joke, but because it is decentralized and has become so big, it now carries legitimate value.
Thus, this one investor’s wallet is now massive.
However, he or she may not be able to cash in.
As people pointed out, the wallet has been inactive for the last 200 days. That means one of three things:
- The investor has serious confidence in the Shiba Inu’s continued growth and is choosing to continue to ride the mark.
- He or she lost his or her password/keys to the wallet and can not access his or her profits.
- He or she is dead.
If he or she is not dead, has his or her password and chooses to cash in, it could take some time to liquidate his or her assets. Coinbase, on which his or her wallet is located, has a $50,000 per day withdrawal limit. That would take 114,000 days, or 312 years.
With that being said, he or she could also just sell his or her stake in Shiba Inu. So long as he or she is alive and can access the wallet, exiting the position is the important part.