In what's being called the greatest individual trade of all time, a crypto investor turned about $8,000 into about $5.7 billion by buying trillions of Shiba Inu coin shortly after it debuted.
The series of trades began in August 2020, when the investor bought about 70 trillion Shiba Inu coins, according to their associated crypto wallet. Shiba Inu coins began trading on August 1, 2020, and the investor took note that day and made their first Shiba Inu purchase, buying about 70 billion coins.
About the time of the investor's $8,000 purchase, Shiba Inu coins were trading at about $0.000000000189. Today, the cryptocurrency is trading at about $0.00007941, which represents a swift 14-month gain of more than 7 million percent.
The crypto wallet now owns more than 13% of the total supply of Shiba Inu coin, which has a total circulating supply of 549 trillion coins, according to CoinMarketCap.
Shiba Inu's unlikely rise has catapulted the meme-inspired cryptocurrency to a total market valuation of nearly $45 billion, eclipsing dogecoin and becoming the ninth most valuable cryptocurrency as of Thursday morning.
The move higher has been a head-scratcher for many investors who see Shiba Inu coin as nothing more than a joke based on another cryptocurrency known as dogecoin, which itself was created to make fun of other cryptocurrencies like bitcoin and ether.
Whether the 70 trillion Shiba in coin holder will be able to liquidate their holdings without tanking the price remains to be seen, but for now, they're holding.