An address with the foresight to purchase $3,400 worth of Shiba Inu (SHIB) concluding August has seen the value of the coins abound to a whopping $1.55 billion on Thursday.

In total, the unknown person has bought SHIB 44 times since August 2022 — with $iii,200 as the largest purchase at any one time — and their total holding of 70,200,003,107,594 SHIB is now worth $5.63 billion.

After the wallet accost was shared on Twitter, user Untraceable questioned whether the SHIB market was liquid enough to "absorb $5.7b if this wallet sells?"

According to Etherscan, the anonymous SHIB hodler purchased the dog-themed token on 9 occasions in August 2022, spending a full of $3,400 worth of Wrapped Ethereum (wETH) that month.

As the price of SHIB has since gained more than 94,278,239.8% over the past year to sit at $0.00008094 at the time of writing, the hodler has become a crypto billionaire from their August purchases lone.

According to data from CoinGecko, the full market place capitalization of SHIB is now worth $forty.3 billion. The asset's mammoth 1,063% gain in value over the by xxx days has seen SHIB oust the beloved Dogecoin (DOGE) it was modeled on every bit a top x-ranked money.

At the fourth dimension of writing, SHIB is currently ranked ninth, while DOGE is sitting at 11th with a marketplace cap of $31.half-dozen billion. The flippening of DOGE has sparked a new meme online in which people are calling Dogecoin a "boomer meme coin."

Earlier on Th, Cointelegraph's market place team reported on 3 reasons behind the bullish momentum of SHIB, pointing at an increment of user access via listings on multiple crypto exchanges, the launch of the Shiba Inu's ain nonfungible token projection dubbed "Shiboshi's," and a surge in futures open interest on multiple exchanges, including OKEx, FTX and Huobi.

Related: Mask Network, 1inch and Shiba Inu ignore Bitcoin's downtrend, posting 20% gains

While SHIB has seen a meteoric rise of belatedly, DOGE'southward appreciation fails to match upward in comparing, with the elder memecoin gaining a mere 18.v% over the by 30 days to sit at $0.23.