Shiba Inu Billionaire Starts To Move His Position
Last Updated on 6 November 2021 by CryptoTips.eu
There is a moment in the brilliant financial movie The Big Short where Michael Burry (the economist who famously bet against the housing market in 2007) keeps his cool while selling $1.3 billion in bonds.
Christian Bale can be seen picking up the phone while newscasters are screaming and the Dow Jones plummets. He says:
Looks like the collapse of the financial sector is imminent. Let’s start to sell my position. It’s $1.3 billion. Sure, I’ll hold.
In a way, that’s how the anonymous man who bought some $8,000 in Shiba Inu in August must have felt when he started to move his billion dollar position this week. In the past few years, there had already been talk of meme cryptocoins turning some investors into millionaires, but this is the first case of a billionaire.
According to research by Yahoo, the investor who now owns some $5 billion worth of Shiba Inu, moved almost $3 billion worth of Shiba Inu (SHIB) from its wallet. Check out his wallet here.
Robinhood and Kraken
Of course at the current price that still leaves you with more than $2 billion to spare, but I’d hate to be looking at that screen now and thinking that every minor moves is costing me millions of dollars. The stress levels are unimaginable at that price point. Facto of the matter is that if the investor tries to cash out completely, the price would crumble immediately.
Remember when everyone was wondering if the guy who turned 8k$ into 5 billion actually lost access to his wallet?
— Devchart 👨🏻💻 (@devchart) November 3, 2021
Turns out he didn't and just started moving some of his $SHIB
Address:https://t.co/Pok4lH0AUv pic.twitter.com/yyzb3OXcPm
On top of that, statistics by CoinMarketCap demonstrate that no less than 71% of SHIB is owned by just 10 addresses. That’s a lot of power to the whales.
Dogecoin copy
Shiba Inu surprised many this year when it was able to first copy Dogecoin’s run, and then temporarily overtake it in the CoinMarketCap top 10 as the best performing memecoin. This past week however brought a reversal of fortune, when both Robinhood and Kraken were expected to list the token for trading, but didn’t do so at the last minute. By now, the petition to have SHIB listed on Robinhood already has 500,000 signatures, but still the trading site does not give in.
It will be interesting to see whether memecoins can be part of altseason as we enter the final stretch of the year.
