Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

[Scataphagos]

These alt-coins soar when they pick up a "following". Other than BTC, I have to wonder "what gets the following going"? Shiba of course is backed by nothing like the rest of them... and all of those that died. So, what is it about Shiba that got the buzz started... the cute doggie face?

(I understand that it's "going up now because it's going up". People have FOMO and join in the chase. But what got it started?)

 

[RedDuke]

I looked at SHIB volume, and it is indeed 40+ Billion. But the questions how real it is????

 

[Pekelo]

I thought ET had a policy against mentioning penny stocks?

 

[Raheel Shaikh]

Just to bring that story in the right proportions:

The article says:In total the unknown person has bought SHIB 44 times since August 2020, with $3200 the largest purchase at any one time, and their total holding of 70,200,003,107,594 SHIB is now worth $5.63 billion.

• ONE person was able to take that position, so 99.9999% of the crypto fans missed it. It was pure luck. A gamble.
• Since the top that was made today, so in less than 24 hours, the value went down already 35 % to the low till now. So he/she "lost" already about $1.6 billion.
• The average volume the last 30 days was 7.3 billion, which means that the man/woman needs 9,602 days at the same price level to sell his/her coins.That's more than 26 YEARS.
• If we take the average volume of the last three months the man/woman needs 60,670 days at the same price level to sell his/her coins. That's more than 166 YEARS.

Conclusion: this billionaire might even have problems to stay millionaire after selling all his/her coins. Better play Powerball or any other lottery.

It is clear how crypto fans try to convince the dumb and blind ones to invest in crypto's. It is just pump and dump. It is a new variant of the pump and dump of penny stocks.


I always say: don't calculate yourself rich, wait till the money is in the bank (in this case: coins sold for fiat currencies).

Great job on posting the other side of the story which goes unnoticed

 

[johnarb]

Sure I saw something similar yesterday as $8000 worth back in August last year and it's now worth like nearly $4bn

It's the same wallet. It has not made any transfers out for close to 200 days. Sadly, he/she may have lost the private key or the person may have died. People are sending coins to the address to get noticed

Someone on Twitter posted an Ethereum wallet address that has 100 crypto punks (could be worth over $100M) that has been inactive for a couple of years

It's nearly impossible to be this diamond handed as crypto is extremely volatile more so on these types of coins

There's a study the best performing accounts on Fidelity are of the ones the owners died

At the very least, it would make sense to cash out a few million $ worth when Shib first pumped

Ethereum address 0x1406899696adb2fa7a95ea68e80d4f9c82fcdedd

https://etherscan.io/token/0x95aD61...?a=0x1406899696adb2fa7a95ea68e80d4f9c82fcdedd

 

[johnarb]

I looked at SHIB volume, and it is indeed 40+ Billion. But the questions how real it is????

There's no incentive for an exchange to fake the volume. There's even a link someone posted on another thread that Shib caused an outage at Coinbase, due to the demand

There are many ways to cash out a few hundred million $ worth of Shib, but not $1B+ without spreading it out over many days. Could be doable on a high volume day like yesterday

Can short Shib, or use futures (i.e FTX has Shib perp futures), and definitely use several exchanges when selling. also use a DEX like uniswap for lowkey onchain transactions if obfuscating some wallet transfers

 

[Snuskpelle]

cyrpto is a perfect casino that involves whole world into this game. In human history, there has never been a gamble like this. dutch tulip mania, or the British South Sea Company, was localized and very few people participated. even if block chain technology may find its usage in the future, it has nothing to do with those coins.

That's part of it. The other important use of crypto in aggregate is as a mechanism to borrow in real currencies with paper wealth as collateral. I.e. increasing the collective leverage of crypto holders. That's why the funny money machine keeps on printing, DeFi and what not - people are borrowing against 'something' which they help each other make up the value of. The regular financial system (sourced by fractional reverse banking) lets crypto print regular money.

To be fair, I completely missed the train on this one and I won't bother ever getting on it. As for "is it sustainable?", it's the same question as "will the massive crypto debit balance ever be called?" I don't know if it will happen in my life time although I suspect so.

 

[unconventional wisdom]

at $1 per coin SHIB would have something like a quadrillion $ marketcap. i feel like somewhere in this is the solution to the debt ceiling. maybe someone smarter than me can figure this out

 

[NoahA]

The regular financial system (sourced by fractional reverse banking) lets crypto print regular money.

Although I understand the hesitation, how much money has the US government printed since Covid? Isn't it something like 4T? So with the entire market cap of crypto being 2.5T, the supposed crypto funny money still has a way to go to catch up.

I agree that these are insane valuations for just a bunch of bits floating around. But this is absolutely the future. Nobody knows which coins will survive, and which blockchains will prove to be dominant, but I'm sure in 5 years time, most people will be interacting with some sort of blockchain.

 

[trend2009]

Although I understand the hesitation, how much money has the US government printed since Covid? Isn't it something like 4T? So with the entire market cap of crypto being 2.5T, the supposed crypto funny money still has a way to go to catch up.

I agree that these are insane valuations for just a bunch of bits floating around. But this is absolutely the future. Nobody knows which coins will survive, and which blockchains will prove to be dominant, but I'm sure in 5 years time, most people will be interacting with some sort of blockchain.

i tend more to believe blockchain is useless. People will find out in 5-10 years.