One lucky one turned $8,000 into more than $5 billion in meme currency – and now part of his gigantic takeover is in motion.
The Shiba Inu (SHIB) cryptocurrency gained prominence last month, briefly outpacing rival Dogecoin meme currency in market value.
Now, a SHIB holder who has seen his initial $8,000 investment increase to more than $5 billion in cryptocurrencies has transferred a massive $2.9 billion of his assets between portfolios.
According to Ethereum block explorer, Etherscan, the Whale Wallet address shipped four batches of 10,000,000,100,000 SHIB on Tuesday, each worth about $632 million at today’s prices.
It is important to note that the whale in question did not realize its gains; the SHIB was not sold, it simply relocated.
The Shiba Inu coin is an Ethereum-based cryptocurrency that has made headlines in recent months, breaking the highest record after an all-time record. It is part of the growing list of “dog coins” that seem to be driven by nothing but their memetic qualities.
According to official site of cryptocurrency, SHIB was created as a “decentralized spontaneous community building experiment“.
SHIB itself dropped 8.8% in price the day before, to $0.00006296, according to price-tracking website CoinGecko, although its long-term performance is still in a comfortable uptrend, having risen by 33 .4% in the week and 645% in the last month.
The other meme, Dogecoin, also fell, down 3.1% in the past 24 hours, while rival symbol Floki Inu (FLOKI), named after Elon Musk’s dog, rose nearly 13.5% on the day.
Another Shiba Inu that has reason to celebrate is Kabosu, the face of the original Doge meme that inspired all the dog-themed meme coins, which marked its 16th birthday yesterday.