29 May

The crypto world is abuzz with news of a Shiba Inu investor who raked in more than $1 million from the meme-inspired cryptocurrency. This individual's remarkable success is attributed to their ability to foresee the coin's potential and their steadfastness in holding onto it for an extended period.

How This Trader of Shiba Inus Made $1.1 Million Out of $2,625

In a tweet on X (formerly Twitter), the on-chain analytics platform Lookonchain stated that on February 1, 2021, the trader paid 2 ETH ($2,625) for 48.09 billion Shiba Inu tokens. This trader chose to sell his SHIB holdings after holding the meme coin for more than three and a half years. They sold it for 287.7 ETH ($1.1 million), which is a 419x return for the trader.

Shiba Inu experienced an extraordinary price rise of 46,000,000% during the 2021 bull run, which is credited with this remarkable profit. The trader made this investment shortly before the craze for meme coins started, on October 28, 2021, when Shiba Inu reached its all-time high (ATH) of $0.00008845.

Shiba Inu's recent decline of more than 70% from its ATH illustrates how much money this trader lost. In any case, this development demonstrates once more how meme currencies have been creating overnight millionaires for a while. Many people have reportedly gained incredible gains in wealth, up to and including billionaires, as a result of Dogecoin and Shiba Inu's 2021 bull run.

Prior to Shiba Inu's 2020 debut, Bitcoinist revealed the story of an anonymous cryptocurrency investor (sometimes referred to as "Shibtoshi") who invested $8,000 in the company and became a fortune. After more than a year of holding the meme currency, in October 2021, his investment had grown to $5.7 billion.

This Cycle Will Also See Meme Coins Changing Lives

A lot of lives will be changed by meme coins during this boom, particularly since this class of cryptocurrency tokens is expected to be one of the main stories of this cycle. Reports of meme coin dealers making enormous profits this year have already surfaced.

A Solana joke currency dealer made $1,800 into nearly $11 million, according to a report by Bitcoinist, because to Dogwifhat's (WIF) exponential increase since the end of the previous year. Year-to-date (YTD), the meme coin headquartered in Solana has already gained more than 1,800%. A few days ago, Bitcoinist revealed that some Solana meme coin dealers made $8 million in a one day out of $6,400.

Meme coins are becoming more and more popular in this market cycle, which explains why their values—especially those of the less well-known ones—can suddenly soar and bring in huge profits for traders. 

May 2024, Cryptoniteuae

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