Shiba Inu Slides After a Solid 1,700% Gain in October

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Key Takeaways

Shiba Inu (SHIB) retreats from its peak as a large wallet is blamed for the drop
The hottest meme coin in crypto markets could now be bought on OspreyFX

Shiba Inu Gains 1,700% in October

Shiba Inu (SHIB) is among the best-performing cryptocurrencies of all time. Strange as it sounds, the token first appeared on the crypto markets about a year ago when its market cap was a tiny few million dollars. In October, however, the meme coin turned into a giant competitor of major tokens and boasted a market capitalization of about $50 billion.

Initially, the Shiba Inu token was created as a Dogecoin alternative, a cryptocurrency created as a joke but later beloved by Tesla CEO Elon Musk. Both tokens are based on the Shiba Inu breed, the Japanese dog that inspired the meme.

Presently, the Shiba Inu crypto asset is arguably the hottest meme coin for several reasons. First, in October alone, the coin returned a mind-blowing 1,700% when it peaked to a record high on Oct. 28. However, a decline followed and SHIB closed the month up by only 800%.

The Greatest Individual Trade of All Time? $8,000 Into $5.7 Billion

And second, a mysterious Shiba Inu investor might have executed “the greatest individual trade of all time”. In detail, a wallet holding a large amount of SHIB tokens had been created in August 2020. The initial capital investment was $8,000. The return spotted in the wallet during the peak of SHIB? $5,700,000,000.

In other words, over the course of about 400 days, a SHIB holder has turned $8,000 into $5.7 billion. That makes a return of over 7,000,000%.

Now, this anonymous trader is looking to sell the stack. However, the heavy position worth billions of dollars couldn’t be moved without affecting the price. As a result, the price frenzy started to reverse in recent days as the position was being offloaded. The unsettling news bucked the trend and the Shiba Inu coin erased about 50% of its value.

It’s worth noting that Shiba Inu has a staggering number of tokens or supplies. More precisely, over one quadrillion tokens. This is the reason a single SHIB coin is worth about $0.00005 so every investor could own millions or billions of it.

You Can Trade Shiba Inu vs US Dollar on OspreyFX

Against this backdrop, SHIB continues to be among the most popular crypto assets today. While reactions after the decline are mixed, many expect the token to boom again and accelerate to the upside.

On this note, the recent drop could present a window of opportunity for those who’ve been waiting to invest. However, it’s important to know that the token is highly volatile, and quick price swings could happen in the course of a single day.

In conclusion, we at OspreyFX have listened to our community and decided to list Shiba Inu on our own trading platform. Now, you can get exposure to the coin which made it in the top 10 in about a year. Ready to take part in the Shiba Inu adventure? You can start trading Shiba Inu with the symbol SHBUSD1000, with up to 1:30 leverage.