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Dogecoin “Killer” Shiba Inu Makes Early Investors Millionaires Amid Recent Surge

Altcoins

coinfomania.com 10 May 2021 22:35, UTC
  
Reading time: ~2 m

The cryptocurrency industry is currently witnessing a massive rally around another memecoin, Shiba Inu (SHIB), which surged by more than 950% over the last week.

The Ethereum token, which was launched in August last year, was inspired by Dogecoin (DOGE). It claims to be the “Dogecoin killer”, and has picked up huge momentum following an influx of new investors.

However, things went crazy when Binance listed the token on its Innovation Zone, a high-risk trading zone for new, innovative, and highly volatile tokens, on Monday.

SHIB’s price skyrocketed from $0.000013 to $0.000032. With the recent rally, SHIB has made several of its early investors millionaires, barely a year after it was created.

According to a recent tweet by Anthony Sassano, the founder of the Daily Gwei, earlier in August 2020, someone had transferred 10 ETH, worth $3,795.7 at that time, to SHIB.

Currently, the total value of the SHIB tokens purchased is worth a whopping $460 million. Although the wallet owner did not hold all of the tokens until their current price, they still hold a substantial amount of SHIB.

Several other cases of large SHIB holders who have been made millionaires and billionaires have emerged since the token’s massive surge.

Another holder had transferred a total of 37.65 ETH to SHIB, which is now worth more than $2 billion.

Ethereum’s Co-Founder: SHIB’s Biggest Whale

Vitalik Buterin, Ethereum’s co-founder, is currently SHIB’s largest holder. He had unknowingly received half of the total supply of SHIB tokens from its creators, over 5 trillion tokens, as a burn gesture.

With the asset’s recent price surge, Buterin currently has over $18 billion worth of SHIB in his portfolio. His SHIB holding is so much higher than his ETH holdings, worth about $1.3 billion.

According to data from CoinMarketCap, Shiba Inu is presently the 14th largest cryptocurrency, a feat that it had managed to achieve within a couple of days. 

Just a few weeks ago, Buterin joined the list of crypto billionaires shortly after ETH set off on a massive bull run, smashing ATH after ATH.

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