A cryptocurrency investor managed to flip an $8,000 investment into $5.7 billion, and the lucrative coin haul has become a hot topic of crypto-focused discussion amid major Shiba Inu developments.
As reported by Business Insider’s Markets Insider on Thursday, the investor ultimately bought more than 70 trillion Shiba Inu coins after starting their purchases of the currency in August 2020. Shiba Inu started trading that same month.
Originally, the coins were trading at roughly .000000000189 but—as of Thursday morning—that number was at .00007941. Meanwhile, this particular crypto wallet is now reported to have ownership of more than 13 percent of the entire supply of Shiba Inu coins.
The crypto, for many, is still perceived as a joke spawned by another joke, i.e. Dogecoin. But as of Thursday around 10 a.m. ET, per CNBC, Shiba Inu was ranking in the top 10 (occasionally even above Dogecoin) of cryptos by market value. The cheap-to-purchase crypto is up more than 173 percent over the past seven days.
Back in July, Dogecoin co-creator Jackson Palmer—who left the crypto world some time ago—made a rare social media appearance to share a thread in which he detailed why he still has intentions of returning. After “years” of study, Palmer said, he’s come to the conclusion that cryptocurrency is—in his words—“an inherently right-wing, hyper-capitalistic technology” with a “cult-like” fanaticism attached to it.
Tesla’s Elon Musk, meanwhile, has been known to express public support for Dogecoin via Twitter and is often mentioned in tandem with the crypto in news coverage. Earlier this month, for example, Musk referred to Dogecoin as “the people’s crypto.”
