Shiba Inu’s latest growth has been phenomenal. And this has bought a SHIB hodler to the limelight. This person bought $3,400 worth of Shiba Inu back in August 2020. And the same is now worth more than $1 billion. Do note that it was not his only purchase, and the person bought Shib 44 times till now, with his entire portfolio worth over $5 billion. But to be honest, this number is on paper as I highly doubt that the market has that much liquidity.
The phenomenal growth of meme coins
From 2020 to 2021, the price of meme coins has surged so much that they have made hundreds of millionaires and even some billionaires, as we can see. This growth can primarily be attributed to Elon Musk, who has pumped Dogecoin hundreds of times by speaking about it. And this has made any coin that is related to Doge in some way very popular.
If you are new to the world of crypto, then this is not for you. But if you have been here for a few years, could you have ever imagined that Shiba Inu and Dogecoin would be worth more than $71 billion combined? Probably not! And this is what has happened in the last 1 year. These coins have such large communities that, for once, you can even believe that they will be among the top 5 in the next few years.
In fact, even smaller coins that are not even in the top 500 list are being cherry-picked by groups and being pumped. Just recently Dogelon Mars coin that is inspired by Elon Musk’s name increased by nearly 4000% in October, reaching a market cap of over $1 billion starting from a market cap of $26 million.
SHIB’s recent growth
Cointelegraph says that the main reasons behind the growth of SHIB are the increased number of listings in different exchanges. In fact, there has been a petition recently that with over 400k signatures asking Robinhood to list it on their platform. Plus, there also has been a surge in futures contracts which has also led to the price increase of SHIB.
What are your thoughts on the $3,400 worth SHIB now being more than $1B? And do you think that if the wallet sells the market can withstand it? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Dogelon mars gains 4000% in October alone.
