When shiba inu coins — considered by many to be a joke cryptocurrency — launched in August 2020, an investor bought $8,000 worth. Today, just 14 months later, his purchase is worth $5.7 billion, according to Markets Insider. That’s a profit of 7 million percent.
From Markets Insider:
About the time of the investor’s $8,000 purchase, shiba inu coins were trading at about $0.000000000189. Today, the cryptocurrency is trading at about $0.00007941, which represents a swift 14-month gain of more than 7 million percent. …
Shiba inu’s unlikely rise has catapulted the meme-inspired cryptocurrency to a total market valuation of nearly $45 billion, eclipsing dogecoin and becoming the ninth most valuable cryptocurrency as of Thursday morning.
The move higher has been a head-scratcher for many investors who see shiba inu coin as nothing more than a joke based on another cryptocurrency known as dogecoin, which itself was created to make fun of other cryptocurrencies like bitcoin and ether.
Whether the 70 trillion shiba inu coin holder will be able to liquidate their holdings without tanking the price remains to be seen, but for now, they’re holding.
