In the last 11 months, the price of Shiba Inu has risen by a whopping 138731974.5% which means if you had invested just $1,000 at the time, you would have been a billionaire. And a mere $100 would have helped you become a multi-millionaire.
There are even some instances where people have become millionaires by investing a small amount of money in dog coins early on.
But the fact is unless you have forgotten that you had invested in the meme coins or had the conviction to hold it throughout all these eye-popping gains and heart wrenching crashes of as much as 80% to 95%, you wouldn’t have managed to completely change your fortune much like many people who sold their coins after a few multiples.
Interestingly, some did manage to do so who gained the limelight this week as the price of SHIB rallied.
This may be the single craziest thing I’ve ever seen in this industry.
Imagine becoming a multi-billionaire off an $8K investment into a fucking dog coin.
Btw check the chain, this wallet is still active. https://t.co/pejznRLHiJ
— Ryan Watkins (@RyanWatkins_) October 27, 2021
During the latest rally, the price of SHIB hit a new all-time high at $0.00008616. As of writing, SHIB is trading at $0.00007680.
“The Old Guard has fallen,” stated well-known trader Hsaka pointing to Dogecoin becoming a boomer meme coin that has been outperformed by the zoomer meme coin.
Trading at $0.3, DOGE has a circulating supply of 131,875,387,607 DOGE and is currently the 2nd largest trading crypto asset on Binance and 5th largest on Coinbase.
Meanwhile, there are currently 549,153,115,436,361 Shiba Inu circulating in the market.
SHIB/USDT currently accounts for more than 25% of Binance’s volume at $13.27 billion compared to DOEG/USDT’s $3.9 billion, Bitcoin/USDT’s $3 bln, and Ether/USDT’s $2.18 billion, according to CoinGecko.
On Coinbase, SHIB accounts for more than 40% of its volume at over $5 billion versus DOGE’s mere $720 million.
According to Nansen data, SHIB’s single-day trading volume reached $24,867,359,817 on October 27, a record high. pic.twitter.com/MKEAP4RblH
— Wu Blockchain (@WuBlockchain) October 28, 2021
Now that SHIB has pumped so much, traders have taken to short the dog coin in anticipation of a dump as people start to take profit and turn their paper profits into real money, and Robinhood is not looking to add more coins unless regulatory clarity comes. But it remains to be seen if those going short on SHIB will be profitable to get liquidated.
Some people are also concerned that, just like in May, SHIB’s pumping would send the market crashing. But not everyone agrees; as a matter of fact, this money could see itself moving to other coins as well.
“History always pinballs,” said Su Zhu, the CEO of Three Arrows Capital, who doesn’t see meme coins pumping marking the end of the cycle. “Our understanding of history changes history itself.”
“Dogcoins are net great for crypto,” added Zhu.