In the world of shitcoins, dog coins reign supreme. For a long time the meme coin, Doge ($35.5B market cap), has been in the top 10 coins by market cap---above major projects with real traction like Chainlink, Uniswap, Polygon, Algorand, and Vechain. This past week, a new dog coin, Shiba Inu (SHIB), has broken into the top 10 and passed Dogecoin to be the top meme coin. SHIB is now at a $39.5B market cap after gaining 102% in the past 7 days, and 92 million percent in the past year---you read that right.
Amidst this insane run up, the big story around Shiba Inu was about a wallet that bought $8,000 worth of Shiba Inu in August 2020 and held on until now. That $8,000 is currently worth nearly $6 BILLION. In reality, this person would not be able to sell their position for it’s full value. They own just about one sixth of all Shiba Inu tokens in circulation, meaning if they tried to fully liquidate their position they would cause a massive price decrease.
For some context, Shiba Inu coin is worth roughly 50% more than Deutsche Bank.