Barely a year-old investment returns massive gains to one maverick investor by turning $8,000 into $5.7 billion.
Incredible Surge
An investor in a fairytale run turned $8,000 worth of Shiba Inu ($SHIB) into a whopping $5.7 billion in less than a year as $SHIB breaks into the top ten cryptocurrencies by market capitalization.
Shiba Inu now sits in ninth position ahead of Dogecoin with a market cap of $38.6 billion. With many branding the token a meme coin, the surge has become a self-fulfilling prophecy with first-time investors willing the token toward success. The surge may well have given us the greatest trade ever.
In a tweet by @MorningBrew, a wallet address with $8,000 worth of $SHIB purchased in August last year remarked – ‘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.’
Vitalik Buterin could have indirectly assisted in $SHIB’s massive rally by sending 90% of the coin gifted to him to a dead address and the remaining 10% was given to charity in May. The burn accounted for more than 40% of the total tokens in circulation.
Individuals are now taking to social media with their newly found wealth through $SHIB. Many investors see this trend as an unsustainable hype. $SHIB is listed Coinbase and is rumored to be considered for listing on Robinhood after a survey listed the meme coin into its list of mainstream cryptocurrencies.
A Dogecoin Killer?
The recent surge of meme coins has had an impact on the crypto industry. The previous surge in Dogecoin signaled a local top before the crypto market tanked. It was largely fueled by retail investors seeking to make quick gains. Meme coins became an attractive choice because it is fun, light-hearted, and appeal to the young crowd.
Unlike Dogecoin, Shiba Inu’s value proposition comes from a slightly different perspective. In its whitepaper cleverly named ‘Woof Paper’ centers its core propositions on a decentralized protocol and the project is 100% community-based.
Created in August 2020, its founder(s), Ryoshi, a pseudonym for the unknown creator in a blog post said – I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my “identity” even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi.
The end goal is pinned to $SHI and an algo-stable coin that is pegged to 1c that can be used as a store of value and as a method of payment. Shiba Inu has its own swap platform known as ShibaSwap and plans on its own layer-2 blockchain known as Shibarium.
Not a Mere Meme Coin
There is utility, value, and vision that sets Shiba Inu apart from the pack. It may not be a coincidence that $SHIB has overtaken $DOGE in terms of market cap. However, there will be stories of fairy-tale runs in this rally and $SHIB is one of them.
The label of a mere meme coin may not be a fitting label judging from the aspiration of the community-owned project. However, proper risk assessment on an asset that has pumped close to 94,000,000% in the last 1-year ought to be a serious point to consider before investing into $SHIB.
Source : bsc.news
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