Crypto Trader Bought £2,500 In Shiba Inu Last August And Now It’s Worth £1 Billion

An unnamed cryptocurrency trader who bought £2,500 ($3,400) in Shiba Inu last August has seen their fortune rise to a staggering £1 billion($1.55bn).

The mystery billionaire has bought the cryptocurrency on more than 40 occasions in the last 14 months, and now has total assets of £4.3 billion ($5.9bn) , The Sun reports.

Alamy

The trader made nine Shiba Inu purchases in August 2020, shelling out £2,500 - but the value of the coin has since skyrocketed a whopping 94,278,239.8 percent in the last year, according to Etherscan.

And this trader isn't the only one to strike it lucky with the Shiba Inu coin - a fellow investor bought themselves £5,809 ($8,000) of the currency in August 2020, which is now worth an incredible £4.1bn ($5.7bn).

Shiba Inu was launched following the success of Dogecoin, which was started as a joke or meme coin amid the growing notoriety of cryptocurrencies such as Bitcon.

Essentially, when Bitcoin was starting to gain a lot of press and notoriety, two crypto geniuses launched Dogecoin to mock all the people who were buying up digital assets.

It's logo and name come from the Doge meme and no one really took it seriously.

However, a few people most certainly did and the coin spiked massively earlier this year, thanks to shout outs from the likes of Elon Musk.

When Dogecoin was getting some press for its jokey take on the crypto world, an anonymous person called 'Ryoshi' started Shiba Inu in August last year, as a nod to the Shiba Inu dog in the Doge meme.

Alamy

While it may have started as a joke, this new digital coin has rocketed up in market value and now is one of the biggest in the game - at least for now, but as ever with the cryptocurrency market that could all change in a very short period of time.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: "The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money.

"It features the same dog which became a meme, and aims to replicate Dogecoin's success of turning a joke into a money making machine."

Topics: Interesting, Cryptocurrency

Claire Reid

Claire is a journalist at LADbible who, after dossing around for a few years, went to Liverpool John Moores University. She graduated with a degree in Journalism and a whole load of debt. When not writing words in exchange for money she is usually at home watching serial killer documentaries surrounded by cats. You can contact Claire at [email protected]

@ClaireReid19