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A mystery investor's $8,000 which was used to buy an obscure cryptocurrency in August 2020 is now worth $5.7billion as several online currencies explode in value.

The unknown individual bought the stake in a cryptocurrency know as Shiba Inu, which has soared in value over the past few days including a spike of 45% in 24 hours and 777% over the past 30 days.

The coin is another 'meme based' currency similar to Dogecoin that has been pushed by billionaire Tesla CEO Elon Musk and its rise comes amid a rapid growth in the value of several new cryptocurrencies.

Dogecoin's value has increased by 11,000% in a year after it was heavily promoted by Musk who also recently tweeted that he does not own any Shiba Inu, temporarily denting its value.