Following the recent SHIB rally, one early investor has now joined the list of crypto billionaires with an $8,000 accruing gains of more than 60 million percent.
The wallet address, which had $8,000 worth of SHIB last year, has accumulated massive gains, with the SHIB holding currently worth more than $5.7 billion in today’s prices.
The address had made SHIB purchases about 44 times since August last year, spending about $8,000 worth of Wrapped Ethereum(WETH).
With the recent SHIB rally, which saw the meme coin smashing ATH after ATH, the individual’s total SHIB holdings, about 70,200,003,106,584 SHIB, are now worth more than $5.7 billion, an increase of more than 60 million percent.
Considering that SHIB’s market cap is currently sitting at $38.93 billion, according to data from CoinMarketCap, this wallet now holds more than 14% of SHIB’s market cap.
However, despite the excitement in the crypto space, crypto enthusiasts are concerned about the effect on the stability of the market if the holder decides to cash in on the massive gains, which could well be one of the largest individual trades of all time.
Speaking on the impact, one Twitter user, “Untraceable“, questioned whether the market will possibly absorb the large transaction if the holder decides to liquidate the wallet.
“Can the SHIB market absorb $5.7b if this wallet sells?” the tweet reads.
Shiba Inu has made massive gains in recent months, placing it among the top ten cryptocurrencies in the market, a feat that seemed nearly impossible a year ago.
It has accumulated a significant amount of retail demand over time, with its 24-hour trading volumes knocking off most of the top cryptocurrencies in the market, including Ethereum.
SHIB’s trading volume has skyrocketed to $39.61, which is pretty close to that of the king of cryptocurrencies, bitcoin.
The digital asset’s impressive performance over the past few months has greatly rewarded early investors.
Earlier in May, it was reported of a SHIB holder who saw an investment of $3,973 surge to a whopping $2 million in less than a year.