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.

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.

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.