An Investor Becomes a Millionaire Thanks to Memecoin Shiba Inu

An investor became a millionaire by holding Shiba Inu for 3 years, turning $2,700 into $1.2 million.

An Investor Becomes A Millionaire Thanks To Memecoin Shiba Inu

For a long time, memecoins have been considered a “gamble”, which can turn many people into millionaires or billionaires overnight. This has once again become a reality when recently an investor made $1.24 million from just one Shiba Inu (SHIB) transaction over 3 years ago.

In January 2021, this person spent 2 ETH, around $2,700, to acquire 48 billion SHIB tokens. After holding for more than 3.5 years, they decided to cash out on May 27, pocketing a massive profit of $1.24 million (up 47,592%) at the price of $0.000026 per SHIB.

According to on-chain data, this wallet only made 2 transactions in its entire lifetime: 1 buy order 1212 days ago and 1 recently completed sell order.

Shiba Inu

Unlike other cryptocurrencies, most memecoins like Shiba Inu are considered jokes in the crypto space. This is also the reason why their values tend to fluctuate rapidly.

Related: What Are Memecoins? Top 5 Most Promising Memecoins of 2024

Current situation of Shiba Inu

Shiba Inu gained popularity after the success of Dogecoin and was dubbed the “Dogecoin killer”. Both use the image of the Japanese Shiba Inu dog breed as their symbol. Currently, SHIB has a market cap of $16.3 billion, corresponding to a circulating supply of 589.3 trillion tokens.

Shiba

Source: CoinmarketCap

On April 22nd, the team behind Shiba Inu successfully raised $12 million by selling the TREAT token – acting as the utility and governance token on their new layer-3. Participating investors included Polygon Ventures, Mechanism Capital, and Big Brain Holdings.

However, the memecoin investment frenzy has also left many investors disappointed, with numerous scams and rug pulls occurring. Memecoins are often considered shitcoins or lottery coins, so players should only invest a small amount, accept the risk of total loss, and not go all-in with their entire assets.

2.5/5

(2 votes)
  1. Avatar of Philip
    Philip

    Amazing

  2. Avatar of
    Anonymous

    Nice one

  3. Avatar of
    Anonymous

    Wow

  4. Avatar of
    Anonymous

    Nice

  5. Avatar of
    Anonymous

    one became millionaire and rest became beggar

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is Zksync Information About Zk Token

Editor Choice | Research | research

What is zkSync? Information about ZK Token

One of the most prominent projects in the realm of Layer 2 is zkSync, which is considered a solution comparable to Arbitrum and Optimism. So, what is zkSync? Is ZK token worth investing in? Let's find out!

How To Participate In The Memefi Airdrop

Airdrops | Editor Choice

How to Participate in the MemeFi Airdrop

Guide to Participate in Memefi Airdrop on Telegram - A Game Developed Similar to Notcoin and Heavily Supported by the Super Project - Linear Network.

How To Participate In The Fhenix Airdrop

Airdrops | Editor Choice

How to Participate in the Fhenix Airdrop

Fhenix is a Layer-2 solution for Ethereum that has successfully raised 22 million USD from various prominent investors. Join AZCNews in participating in the Fhenix Airdrop today!

Binance Announces Mew Memecoin Listing On Binance Futures

Editor Choice | Altcoin

Binance Announces MEW Memecoin Listing on Binance Futures

Binance Exchange Announces Listing of Cat in a Dogs World (MEW) - A Memecoin Developed on Solana, on Binance Futures.

Azcnews Eth Drops Sharply As Whales Increase Accumulation

News | Altcoin | Editor Choice

ETH Drops Sharply as Whales Increase Accumulation

Ethereum whales have accumulated substantial amounts of ETH over the past few days. Despite these developments, the price has remained stagnant.