A few days ago, the crypto industry was wowed by what has now been termed “the greatest individual trade of all time,” where an early SHIB investor made $5.7 billion from an $8,000 SHIB purchase in 400 days.
Shortly after the news broke, the market was thrown into a mixture of excitement and apprehension, as many analysts wondered what would become of the SHIB market if the holder decides to cash in on the huge fortune at once.
Some other market watchers speculated that the holder had either lost access to the wallet or perhaps forgotten all about the funds, as it seemed unrealistic to hold onto an $8,000 investment until it turned to $5.7 billion without touching it.
Mysterious SHIB Holder Starts Cashing Out
The speculation of a lost or forgotten wallet was debunked earlier today when some activities were noticed on the wallet address, as pointed out by one Twitter user.
Remember when everyone was wondering if the guy who turned 8k$ into 5 billion actually lost access to his wallet?
Turns out he didn’t and just started moving some of his $SHIB
— Devchart 👨🏻💻 (@devchart) November 3, 2021
The owner of the wallet has conducted four consecutive transfers, with each consisting of over 10 trillion SHIB tokens at a time. Recall that the wallet held an initial 70,200,003,106,584 SHIB tokens.
With this new development, SHIB enthusiasts have become more worried about the stability of the market if the wallet owner decides to liquidate all of the SHIB tokens in the wallet.
This brings to mind what had happened earlier in May when Ethereum’s co-founder, Vitalik Buterin, started dumping the SHIB tokens that had been sent to him by the project’s developers.
The move had caused SHIB’s price and most other meme coins to drop significantly, with most of them losing more than half of their market value.
Shiba Inu Attracts Large Institutional Investors
In recent months, SHIB has attracted the attention of some large institutional investors as the meme coin’s price continues to soar.
A few days ago, the CEO of AMC Entertainment Holdings, Adam Aron, hinted that the company is considering adding SHIB to its list of crypto accepted for payments, and even created a Twitter poll where a majority of voters were in favor of SHIB.