While Shiba Inu is making the rounds in crypto news at the moment, it wasn’t very popular a year ago. Despite this, a smart thinking trader made a decision thousands of dollars worth of cryptocurrency last year in August. Well, it now looks like the digital currency that started out as a way to rival DOGE is the ninth-biggest in the world. Its value has skyrocketed in just over a year since it launched.
According to Coin Telegraph, the mystery crypto trader purchased nine lots of Shiba Inu coins when it launched. Now, considering how the value has skyrocketed, they’ve become a billionaire. That’s because the initial investment, which was worth $3,400, is now worth a whopping $1.55 billion.
This week, Shiba Inu coin prices have hit a record high after they tripled since Sunday. The coin went from £0.0000020 on Sunday to £0.000051 in just a week, according to Coinbase. Now, the cryptocurrency holds a market capitalization of over $38 billion.
Surprisingly, Elon Musk played a role in driving the value of Shiba Inu coins as well. However, it doesn’t come as a surprise that he used his Twitter power to influence thousands of crypto traders. That’s indicated by how trading volumes went up as well.
In the last few months, cryptocurrency has gained quite a lot of hype. Much of it came after it began getting listed on some of the top cryptocurrency websites in June, such as Coinbase. However, experts are warning investors against funneling their money into cryptocurrency.
Although the price looks like it will go up, there’s little chance of it ever reaching the $1 level. Consequently, it won’t be able to rival its main competitor, Dogecoin, in terms of price.
Nevertheless, buying digital currencies is risky, just like any other sort of investment. Hence, it’s important that investors are prepared of the possibility that they won’t make a profit. There’s always a probability that you can end up losing what you put in.
But if we look at the case of the Shiba Inu coin as a potential candidate for your crypto investment, it’s looking lucrative so far. Shiba Inu coin started out by calling itself a so-called Dogecoin killer and it’s certainly living up to the name after it went ahead of the first ever memecoin by stealing its rank.
The SHIBArmy, as the coin’s fans call themselves, are very enthusiastic about the currency and believe it has immense potential. Their reasons for backing it up aren’t superficial either, as they’ve explained the caveats with Dogecoin. In their opinion, DOGE can’t be scaled for widespread usage. On the other hand, Ethereum- powered SHIB has much more to offer.