Single best trade ever?
Imagine that you have invested 8 000 dollars into Shiba Inu last August. If that was your case, now you would be sitting at around 5,7 billion dollars. Yes that is what actually happened as the cryptocurrency community pointed out in several Twitter threads. There has been an anonymous hodler of a Shiba Inu wallet, who invested 8 000 dollars to this “dog coin,” which in a year made him billions of dollars.
And that is mostly thanks to the crazy run that this cryptocurrency is having now. The October 2021 has so far been the best month for this cryptocurrency in its history, since the project grew by more than 1 000 % and made its ATH (all time high) at around 0.000088 dollars. That is however not all.
Getting to the top
Shiba Inu also made it to the TOP 10 of the cryptocurrency list. Currently sitting at the 9. spot when it comes to total market capitalisation of the cryptocurrencies with around 40 billion dollars, Shiba Inu was also able to outpace its biggest competitor and most famous meme coin, Dogecoin, which is a beloved cryptocurrency of Elon Musk. These 2 dog coins are now having a bit of a dog fight for the 9. spot.
It is also increasingly interesting to see that the hype that is around this meme coin, is also built upon some fundamentals. For instance, the project has seen incredible volumes. To be more precise, on average, this cryptocurrency is currently the third when it comes to average daily volumes only behind Bitcoin and Tether.
Moreover, more and more people are joining in as the average daily increase in the hodlers of this coin has been 30 000 per day. Yesterday, Shiba Inu had around 800 000 hodlers, which is significantly lower than Dogecoin (around 4,5 million wallets), yet, it is in a steady rise since the beginning of October. Some even suggest, that this “crazy hype” that is behind the rise of this cryptocurrency is a reason why Coinbase and Cryptocom exchanges had outages yesterday. Apparently, the volume of trades was so high that these exchanges were not able to meet the demand and crashed.
Yet, it is still important to have in mind that Shiba Inu is just another memecoin. Compared to projects like Ethereum, Cardano, Binance Coin or Polkadot, Shiba Inu has very little to offer so far and mostly can be considered as a speculative investment.