The Shiba Inu ($SHIB) wallet that purchased $8,000 worth of $SHIB tokens a year ago saw its holdings boom in value to almost $5.4 billion after the latest all-time-high of the meme-coin in October. While there were suspicions of the holder to have forgotten or lost his private keys the wallet became active again yesterday and more than half of the asset was moved.
Shiba Inu has risen over two million percent since the $SHIB wallet owner first purchased $8,000 worth. Whereas crypto has made many people millionaires, this would likely be the first case where Shiba Inu turned someone’s life upside down by making a person a billionaire in just a year.
Having reactivated his $SHIB wallet, the owner has moved out nearly $2.9 billion worth of Shiba Inu, roughly 9% of total available supply, while his total holdings before the move account for almost 20%. So what will the owner do with them?
It will not be easy to sell all his token at once as there is simply no immediate demand for the token, so possibly he will have to sell his assets little by little. However, a sell off will still have a negative effect on the price of the token, which is currently down by 10% over the last 24 hours. $SHIB also lost its 9th position in the cryptocurrency charts to rival Dogecoin ($DOGE) and is currently trading at $0.00006261 according to CoinMarketCap.
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