Shiba Inu account discovered worth $5.7bn

One crypto investor has been discovered to have made an $8,000 investment in Shiba Inu coins worth $5.7bn.

The series of 44 investments started in August 2020 and are now understood to be worth $5.63bn, or 70,200,003,107,594 SHIB.

Shiba Inu may have slumped a little on the news that Elon Musk doesn’t consider it a worthy successor of Dogecoin, but this one investor may take a different view.

The address was publicized on Twitter after people became aware of it and some directly questioned the validity of the investment relative to its size. Would there be $5.7bn worth of liquidity on the market to absorb a potential sale, one Twitter user asked?

SHIB has increased its value by 94,278,239.8% according to Cointelegraph, a specialized publication focusing on the crypto market. While skepticism about SHIB may persist, the momentum and appetite for the asset have not subsided.

A quick look at CoinGecko estimates that SHIB ranks ninth in overall valuation whereas DOGE is eleventh.

SHIB’s market cap sits at $36bn, based on that information, which means that the answer to that Twitter user’s question is probably yes, the market would be able to gobble up the wallet were it to sell.

SHIB has fluctuated in terms of total valuation and the lack of endorsement by Elon Musk looked like it would cool down the interest in the currency. However, Musk seemed to have little impact on the value of SHIB which has risen by 46.23% today.

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Updated: 10/28/2021 — 23:00