There’s a new cryptocurrency taking the digital currency market by storm: Shiba Inu. Although 1 SHIB only sells for $0.00007049, the Shiba market is valued at $38 billion.
While Bitcoin and Ethereum are the best known digital currencies, there are hundreds of other cryptocurrencies. In a highly volatile market, its value rises and falls overnight. In the case of Shiba Inu (SHIB), the rise was meteoric.
Shiba market is now worth around 38 billion dollars, according to the portal CoinMarketCap, with 1 SHIB selling for about 0.00007049 dollars.
One lucky investor has become a multimillionaire thanks to this emerging cryptocurrency. A virtual wallet, which in the meantime has gone viral on the Twitter, has bought the equivalent of $8,000 in SHIB since August of last year and has not changed its investment for more than 200 days, reports VICE. Now, the 70 billion coins have a value that it ranges between 5 and 6 billion dollars.
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
With about 549 billion tokens in circulation, the digital wallet shared on social media holds roughly 12% of all SHIB in circulation on the market today. This figure is monstrous if we think that the inventor of Bitcoin, Satoshi Nakamoto, holds 1 million Bitcoins, an immensity that represents only 5% of all tokens in circulation.
However, being a multimillionaire on paper and actually having that money are two very different things.
If the wallet holder decided to unload all 70 billion coins at once using Uniswap, it could be very costly. The site’s interface reveals that to exchange both Shiba for USDC, a stable digital currency that is linked to the dollar, it would first have a rate of about 3 million, given the size of the transaction.
Afterwards, Uniswap estimates that the deal would result in a shocking 99% price impact, leaving the SHIB seller with about 5 million USD in USDC.
None
— Elon Musk (@elonmusk) October 24, 2021
Elon Musk it was even provoked by the creators of Shiba Inu through Twitter, who asked how many SHIB tokens he had. “None,” the Tesla founder replied bluntly.
