Shibtoshi is an anonymous individual who has garnered substantial popularity for his incredible Shiba Inu (SHIB) gains. Shibtoshi received a phone call from a fried on Aug. 1, 2020, a few hours after SHIB’s debut. He purchased 37 Ethereum (ETH) worth of SHIB tokens, worth around $12,765 at the time. Shibtoshi received about 104 trillion SHIB tokens for 37 ETH. The value of the 104 trillion Shiba Inu tokens ballooned to around $5.7 billion, making Shibtoshi a crypto billionaire.
What Happened To The Billionaire’s Shiba Inu Holdings?
According to an interview with CoinTelegraph’s Magazine, the Shiba Inu billionaire could not offload all his holdings in one go as the project lacked liquidity. Dumping trillions of coins would lead to the ecosystem crashing.
Shibtoshi has since managed to pull out a significant portion from his SHIB holdings. According to the early SHIB investor, “Same as other large memecoins, you need to be patient to extract value. Traders understand that if you sell into volume, you can get money out. Basically, you do smaller amounts, and don’t nuke the chart by just doing a big sale.“
The Shiba Inu billionaire launched his own project memecoin called SquidGrow in 2022. He stated, “Although we started as a meme token, we aimed to build a self-sustaining ecosystem fueled by revenue generated on our utility platforms and evolved into a meme utility token.“
Also Read: Analyst Reveals Shiba Inu Coin Upcoming Events Behind 130% Surge
Can You Still Make It Big With The Project?
Shiba Inu (SHIB) had an incredible year from 2020 to 2021. The coin hit an all-time high of $0.00008616 in October 2021. SHIB has struggled to gain momentum since its 2021 peak. The asset is down by 82.6% from its all-time high.
Many anticipate SHIB to hit a new peak over the coming years. However, one of the most substantial barriers for SHIB’s price is its massive supply. Vitalik Buterin’s 410 trillion token burn in 2021 was a substantial catalyst for SHIB’s incredible rally. Another burn of the same magnitude is highly unlikely.