A cryptocurrency fan has become a billionaire after buying just £2,500 in Shiba Inu digital coins last August.
The price of Shiba Inu hit a record high this week after tripling since Sunday.
The coin has risen from £0.0000020 on Sunday to a record peak of £0.000065 yesterday, and is £0.000051 today, according to cryptocurrency website Coinbase. The cryptocurrency is now worth around £27.8billion in total.
The new billionaire bought the digital coins 40 times in the past 14 months, according to Coin Telegraph.
The mystery trader bought nine lots of Shiba Inu, or SHIB, in August 2020 – the month the currency was launched.
He or she is a billionaire from those purchases alone after the value of the cryptocurrency rocketed.
Shiba Inu is now the ninth-biggest cryptocurrency, but it started last year as a semi-joke.
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The cryptocurrency started as a humorous nod to the cute Shiba Inu dog breed, which in turn led to the ‘Doge’ internet meme.
This meme led to the creation of another jokey cryptocurrency, Dogecoin – and the Shiba Inu cryptocurrency is also a reaction to that.
The new cryptocurrency was launched just last August by a creator known only as Ryoshi – based in China.
Representation of Dogecoin cryptocurrency
Shiba Inu, on the left, is soaring in value – as is Dogecoin, on the right ( Image: NurPhoto via Getty Images)
The Shiba Inu cryptocurrency has been boosted in the past by billionaire Tesla boss Elon Musk – who is also a crypto fan.
Earlier this month Musk tweeted a photo of his Shiba Inu puppy, which started the ball rolling with a rise in the price of the currency.
Much of the current rise in Shiba Inu is due to speculation it could soon be listed on trading platform Robinhood.
Where can I get Shiba Inu?
You can buy Shiba Inu on cryptocurrency trading platforms like eToro, Binance and Coinbase – though Binance is not available in the UK.
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