User makes about $2 billion from 37 ETH thanks to Shiba Inu rally

The rise in Dogecoin’s price spurred interest in clones of meme cryptocurrencies, including Shiba Inu (SHIB). Analysts found several wallets whose owners accumulated the token even before its price rose.

The founder of The Daily Gwei, Anthony Sassano, noted that on August 7, 2020, a user invested 10 ETH into SHIB.

276 days ago someone put 10 ETH into SHIB and now it’s worth $460 million.

How’s your life going?

— Anthony Sassano Ξ 🦇🔊 (May 10, 2021)

According to Etherscan, at the time of the transaction Ethereum traded at $379.57. In total the user purchased 15.3 trillion SHIB (out of 394 trillion tokens in circulation), which at the current price is valued at $528 million.

According to Sassano, the wallet owner was selling tokens, but still holds a significant position in SHIB.

I should note that they didn’t hold all of the SHIB until today’s prices but they still hold a massive chunk of it and have been selling recently too.

Just insane that if they held it all til today it’d be worth $460 million lol

— Anthony Sassano Ξ 🦇🔊 (May 10, 2021)

In response to Sassano’s post, The Block researcher Igor Igamberdiev wrote that he was ‘not impressed’, and attached a screenshot with data about another wallet. Its owner accumulated SHIB during August-October on the Uniswap exchange, when Ethereum moved in the $300-$450 range.

For 37.65 ETH, the user acquired 70 trillion SHIB. At the time of writing, unrealized profit is estimated at $2.4 billion.

Not impressed

Another guy put 37.65 ETH and now it’s worth $2.05 billion https://t.co/XIxKr9Fftb pic.twitter.com/TgDSkPWO0T

— Igor Igamberdiev (@FrankResearcher) May 10, 2021

According to CoinMarketCap, over the last 24 hours the cumulative trading volume exceeded $20 billion. Given the coin’s low liquidity, selling it quickly without a sharp price drop is unlikely.

On May 10, 2021, the price of SHIB hit an all-time high, approaching $0.000033. This was aided by the asset being listed on Binance and Crypto.com.

The frenzy around the ERC20 token led to higher fees on the Ethereum blockchain.

On May 11, the average transaction fee reached a new record high, exceeding $60.

The Block analyst Larry Cermak noted that five of the top ten trading pairs on Uniswap are meme tokens.

Five of the top 10 pairs on Uniswap are dog meme coins. That’s $1.55 billion in volume over the last 24 hours. Just for reference, Uniswap v2 didn’t cross daily volume like that for almost the first year of its existence. pic.twitter.com/JjJvv371Yq

— Larry Cermak (@lawmaster) May 11, 2021

«This is a volume of $1.55 billion over the last 24 hours… In a couple of years, when we look back on this crazy bull run, I’m really curious what we’ll say about it», wrote Cermak.

As reported, the largest holder of Shiba Inu turned out to be Vitalik Buterin. On his public wallet sits 505 trillion SHIB — more than 50% of the planned quadrillion coins.

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