Mystery Shiba Inu Coin Buyer’s $8,000 Purchase Last Year Now Worth $5.7 Billion


What’s In YOUR Wallet?

Shiba inu coin made its crypto debut in August 2020, and there was at least one investor who jumped in on the action right away. The mystery Coinbase wallet owner bought a cool $8,000 worth of the coin on August 1 at about $0.000000000189 each, a purchase of about 70 billion coins. To say it was a lucrative investment is a major understatement. Some 400 days later, Shiba inu coins are trading at $0.00007941, a 7 million percent increase, raising the value of that initial purchase to about $5.7 billion.

About the Shiba Inu (SHIB) Token

The Shiba inu coin was created by an anonymous person or persons who go under the pseudonym, “Ryoshi.” The term is the name for an ancient, Japanese breed of dog once characterized for its superb hunting skills.

A Joke?

For most crypto investors, the introduction of the digital token was a joke, a not-so-subtle poke at another memecoin, Dogecoin, whose symbol is the face of a Shiba inu dog. It is even championed as the “Dogecoin killer.” Dogecoin, itself, originated as a joke that satirized the wild speculations that drive the price of cryptocurrencies.

Or a Pump and Dump Scheme?

Less charitable investors have suggested Shiba inu coin is nothing more than a pump and dump scheme, a type of securities fraud that involves whales–big-money stock (or in this case crypto holders) using false and misleading claims to artificially inflate an owned coin’s value so that investors will buy large quantities of it at a high price. Then once they have unloaded the coins, the price falls dramatically causing the duped investors to lose huge sums of money.

So Who Owns the Wallet?

There is a theory that the mystery investor is none other than a founding member of the Ryoshi team. And it does make sense.

As the coins were next to worthless when first launched, the wallet owner who made that $8,000 investment was either highly trusting of its potential or a savvy, aggressive operator. Whatever their motivation, it’s also curious that they owned one of the very first wallets to hold SHIB.

Sit On It, Sell It, or Withdraw It?

Believed to be the greatest trade of all time, what the mystery wallet owner’s next move will be is anyone’s guess. They could sit on it or sell it, but there’s also speculation that because the wallet has been inactive for more than 200 days, they might not be able to cash out.

However, even if they could, Coinbase limits withdrawals to $50,000 a day. That will require the owner to make daily maximum withdrawals for the next 312 years.

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